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Ohio CUs Show Support for First Miami Student FCU

OXFORD, Ohio - Some 20 area credit unions have teamed up to help First Miami Student Federal Credit Union stabilize its capital and continue serving members. When NCUA changed its rule requiring small credit unions to report their assets on a quarterly basis versus semi-annual basis, the student credit union...

By Staff Writer | Updated on March 02, 2004

OXFORD, Ohio – Some 20 area credit unions have teamed up to help First Miami Student Federal Credit Union stabilize its capital and continue serving members. When NCUA changed its rule requiring small credit unions to report their assets on a quarterly basis versus semi-annual basis, the student credit union was faced with a difficult situation since its assets can fluctuate depending on the school term between $800,000 to $1.3 million. As part of First Miami Student FCU’s Capital Improvement Program to boost its assets year round, the credit unions have agreed to pledge money or contribute funds to an interest sharing investment program with Corporate One CU. Participating Ohio credit unions include: AurGroup Financial, CHACO, Cincinnati Central, CINCO, Communicating Arts, DayAir, DAYMET, DESCO, Erie Shores, General Electric, Kemba Columbus, Miami University Community, MidFirst, Ohio Educational, River Valley, ShareFax, Toledo Community and Wright-Patt. “We see our donation to First Miami as a way of supporting the credit union movement,” said AurGroup Financial CU President/CEO Tim Boellner, “And a few other area credit unions have had non-member deposits with First Miami for many years but the current low interest environment and the fact that those deposits counted toward the total assets impacted the capital ratio.” First Miami Student FCU is one of a dwindling number of student credit unions nationwide. Somewhat unique in nature, 50 student volunteers operate the credit union. In addition, students interning with student credit unions are not only exposed to the financial services industry but they also gain hands-on job training. Established in 1988, First Miami Student FCU currently serves 2,000 Miami University student and alumni members

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