The current microtrend of banks buying credit unions

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr “If you live long enough, you will see everything” is how one credit union executive reacted to the idea that banks should consider acquiring credit unions.Just a few years ago, the idea of a credit union buying a bank seemed crazy; today, it is a proven and successful growth strategy for credit unions. Could the initially surprising idea of banks buying credit unions follow a similar path? I don’t think so.In full disclosure, this author is from the dark side. I’ve been a banker for 30 years—big banks, small banks, mutual banks, consultant. I’ve been a bank CEO and a major stock holder and I’ve been involved in many types of bank mergers and acquisitions. For the last five years, I’ve been working with credit unions as they map out their growth strategies, including possible mergers with other credit unions and acquisitions of bank branches and even whole banks.So, what good could come of selling your credit union to a bank? Besides the obvious growth and size benefits, a bank could reap significant benefits from a credit union acquisition. A credit union is often rich in highly coveted core deposits. Additionally, credit unions have strengths in areas that could benefit banks. For example, credit unions are focused on retail banking and typically have consumer banking capabilities that would strengthen a bank’s performance in retail banking. Likewise, many credit unions have specialized expertise in such areas as insurance, investments, indirect auto lending and even trip and travel agency services for members. A bank might even consider maintaining the credit union brand (obviously sans the words “credit union”) to sustain the value of the retail relationships. continue reading »last_img read more

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Lacson sees ‘pattern of overpricing’ in purchase of COVID-19 equipment

first_imgMANILA – There was allegedly a pattern of overpricing in the Department of Health’s (DOH) procurement of medical equipment to address the coronavirus disease 2019 (COVID-19) outbreak.In an interview with ABS-CBN News Channel on Thursday, Sen. Panfilo Lacson slammed the DOH for supposedly taking advantage of the situation to satisfy their greed.“I think there should be a day of reckoning on all these because seizing an opportunity out of a crisis is a good thing when you do it for country. But to seize an opportunity for self-aggrandizement out of a crisis as big as the COVID-19 pandemic, I think that’s the height of callousness and greed,” Lacson said.“They could all come up with all sorts of reasons. But at the end of the day, we see a pattern of overpricing. If it’s only one item then probably it’s been overlooked, they can reason out a different supplier or manufacturer but it’s a pattern,” he added.Lacson also said that the swabbing system bought by DOH was twice the price procured by the private sector.“You cannot avoid being compared sa procurement price ng private sector. Bakit kapag ang government ang nagpo-procure hindi lang mahal, halos doble pa ‘yung presyo and we are operating on a very limited resources?” he said.During a Senate inquiry earlier this week, Lacson questioned the DOH for purchasing COVID-19 testing machines and swabbing kits for more than twice the price of similar equipment bought by private companies.A private company bought nucleic acid extractors needed to process coronavirus tests for P1.75 million each, while the DOH got the machines for P4 million each, Lacson said.DOH secretary Francisco Duque III, however, said they chose the P4-million equipment because other brands were not compatible with United States-manufactured machines in Philippine laboratories./PNlast_img read more

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Memorial Mile set for Monday

first_imgELLSWORTH — The James Russell Wiggins Down East Family YMCA will hold its annual Main Street Memorial Mile on Monday.The one-mile course will start at the Ellsworth Chamber of Commerce and wind down High Street and Main Street before ending at R.F. Jordan’s on Water Street.All proceeds will benefit the DEFY camp scholarship fund and the Beth C. Wright Cancer Resource Center.Registration begins at 7:30 a.m. at the Ellsworth Chamber of Commerce, and the race begins at 9. The cost is $10 per runner or walker. The first 75 who register will receive a T-shirt.This is placeholder textThis is placeholder textFind more information and a registration form online at defymca.org, or call 667-3086.last_img read more

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Update on the latest sports

first_imgThe track federation joins USA Swimming, which sent a similar letter to the USOPC on Thursday.Among others urging a delay, Brazil’s Olympic Committee is calling for the Tokyo Games to be postponed until 2021. The Brazilian body said in a statement published on Saturday that the decision is a necessity due to the seriousness of the pandemic and “the consequent difficulty for athletes to keep their best competitive level.” And the Norwegian Olympic Committee says the Games shouldn’t take place until the coronavirus outbreak “is under firm control” worldwide.In other virus-related developments:— Formula One champion Lewis Hamilton says he has been self-isolating for more than a week after meeting people who later tested positive for the new coronavirus. Hamilton was at a charity event in London on March 4 also attended by actor Idris Elba and Sophie Grégoire Trudeau, the wife of the Canadian prime minister. Both were later found to have the virus. In a message on social media, Hamilton says he’s shown “zero symptoms” but has been isolating himself from other people ever since March 13, when the Australian Grand Prix was called off. He said he hasn’t been tested because test kits are in short supply and “there are people who need it more than I do.”— A handful of golf mini tours are continuing to play through as coronavirus fears shut down major sports leagues across the world. The Cactus Tour in Phoenix this week was won by two-time major champion Anna Nordqvist and the Outlaw Tour held a men’s event across the Valley of the Sun. The Cactus Tour instituted preventative guidelines to prevent spread of the coronavirus, sanitizing golf carts, limiting one rider per cart and asking for social distancing on the course. Update on the latest sports Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-SPORTSUS track federation joins calls for postponement of Tokyo GamesUNDATED (AP) — The U.S. track federation has added its name to a growing chorus of calls to postpone the Tokyo Olympics because of the coronavirus. In a letter to the CEO of the U.S. Olympic and Paralympic Committee, USA Track and Field CEO Max Siegel urged the federation to advocate for the postponement of the Games, which are to start July 24. Associated Press center_img March 21, 2020 IDITAROD3 mushers rescuedUNDATED (AP) — Three mushers participating in Alaska’s Iditarod Trail Sled Dog Race were rescued Friday after they activated their SOS beacons because of deep overflows of water on the trail near the last checkpoint before the finish line in Nome.Even before the rescue of 52-year-old Tom Knolmayer, 28-year-old Sean Underwood and 37-year-old Matthew Failor, more than one-third of the participants in this year’s 1,000-mile race had quit largely because of conditions. The winner, Thomas Waerner of Norway, arrived at the finish line in Nome early Wednesday.Iditarod officials confirmed the three rescued Friday had officially withdrawn from the race. That brings the number of those who scratched to 22, short of the record of 24 set in 1980. In this year’s race, another musher also was removed for not being competitive.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6last_img read more

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Schools Stress Libraries and Families with Digitally Dependent Homework

first_imgShareTweetShareEmail0 SharesOctober 12, 2014; Miami Herald This article in the Miami Herald describes yet one more way to stress out low income families—by assigning homework that requires an Internet connection and a working computer. This has driven many families in Dade County to the local library, where there are long waits for the computers. Although the library plans to beef up its digital access, “We really shouldn’t be requiring kids to go to the library to complete assignments,” Sylvia Diaz, assistant school superintendent for innovation, said. “A project or something special is OK, but not daily homework assignments that are dependent on computer use.”Still, though this is the official position, according to this article, Miami-Dade…“recently shifted to digital history textbooks for high-school freshmen, providing all ninth-graders with tablets containing the interactive books. County elementary schools now incorporate the online program called Reflex Math, which looks like a video game and can be accessed by students 24 hours a day. And with printed-material budgets under pressure, some students describe traditional textbooks as valuable commodities.“Isaiah Goulbourne, 16 and a junior at Miami Norland High, said there’s a textbook waiting for him each day for English, but it never leaves the classroom. ‘We’re not allowed to take them home because there aren’t enough for everyone,’ he said. ‘Most of our textbooks are accessible online.’“Goulbourne said he relies on the North Dade library for online school work since he doesn’t have Internet access at home. It’s a common need at the branch, which sits in Miami Gardens, where one in five residents live below the poverty level.”A survey of young library users in Dade County in 2011 found that almost half reported having no online access at home. Conversely, the schools estimate that only 25 percent of students are without access.Access watchdogs assert that the pace of the use of online resources for teaching must align with the online access of low-income families or those families are placed at even a worse disadvantage by having to find a place to do homework.“The sequencing has to make sense, otherwise you create deeper gaps,” said Zach Leverenz, CEO of EveryoneOn, a group that has also suggested that access issues are closer to the library’s figures. “What I don’t think is a good stop-gap is assuming students are going to be able to find public hot spots, including libraries.”—Ruth McCambridge ShareTweetShareEmail0 Shareslast_img read more

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