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Vice Chairman Hood Visits Credit Unions in Chicago

May 15, 2006, Alexandria, VA- During his trip to Chicago last week, National Credit Union (NCUA) Vice Chairman Rodney Hood visited Mid-States Corporate Federal Credit Union, Hawthorn Credit Union, and also served as a lunchtime speaker during NASCUS’ Board Meetings.

Vice Chairman Hood visited Mid-States Corporate FCU, headquartered in Warrenville, IL. Mid-States Corporate has assets of over $6.4 billion, and a membership of over 1,000 credit unions. The Vice Chairman met with David Preter, Mid-Town Corporate’s President/CEO, to discuss the proposed merger with Empire Corporate Federal Credit Union. Empire Corporate, headquartered in Albany, NY is a 4.5 billion financial institution with a national field of membership that provides and array of financial services to over 1,000 credit unions. The application for the merger was approved by the NCUA on April 20 and was affirmed by the membership of Empire Corporate FCU on May 11. The merger is expected to be completed by the end of June, and the newly merged corporate’s name will be Members United Corporate Federal Credit Union.

“I am very pleased to have the opportunity to meet with David Preter and commend his leadership of Mid-States Corporate Federal Credit Union,” said Vice Chairman Hood.  “Mid-States Corporate provides an impressive portfolio of financial services that strengthens the well being of credit unions right here in the Midwest, and its upcoming merger with Empire Corporate will greatly enhance the opportunity to strengthen the credit union system throughout the Nation. It is a fine example of the spirit that exists within the credit union system of helping one another in order to serve as the most reliable financial partner for their members.”

Vice Chairman Hood also visited Hawthorne Credit Union, headquartered in the Chicago suburb of Naperville, IL. Hawthorne Credit Union was established during the Great Depression in 1935, and currently has nearly 13,000 members and more than $150 million in assets. The credit union offers many services to its member-owners, including innovative member business lending opportunities through the partnership with its CUSO, Spectrum Business Resources, LLC.  The Vice Chairman met with Carl Sorgatz, President/CEO of Hawthorne Credit Union, who was recently selected to serve as the new Chairman of the Illinois Credit Union League.

“I was very pleased to meet with Carl Sorgatz and learn more about how Hawthorne Credit Union is striving to help its members achieve their financial goals, “said Vice Chairman Hood.“I am especially impressed by the credit union’s dedication to Member Business Lending. Hawthorne Credit Union truly encourages and empowers the entrepreneurial spirit and is creating genuine economic growth here in the Chicago area. I also congratulate Carl on his recent selection as Chairman of the Illinois Credit Union League and am very confident that he will help continue to lead the state’s credit unions in the right direction.”

Vice Chairman Hood also served as a lunchtime speaker during NASCUS’ Board Meetings. He discussed an overview of the agency, regulatory priorities, and commended NASCUS for its leadership and contributions to the credit union system. NASCUS was founded to ensure the safety and soundness of state-chartered credit unions, represents the interests of state agencies before Congress, and is the liaison to Federal agencies. 

“I am very grateful for the opportunity to speak to those attending the NASCUS Board Meetings in Chicago,” said Vice Chairman Hood. “I recently made several visits to state regulators in Kentucky, Kansas, and Colorado, and I am more convinced than ever of the importance of state and federal government working together to accomplish the mission of a safe and sound credit union system.  NASCUS is a champion of this important cause and I look forward to a productive working relationship with them as their federal regulator.”

The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of nearly 85 million account holders in all federal credit unions and majority of state-chartered credit unions. NCUA is funded by credit unions, not tax dollars.