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In the United States, St. Mary’s Bank Credit Union of Manchester, New Hampshire holds the distinction as the first credit union. Assisted by a personal visit from Desjardins, St. Mary’s was founded by French-speaking immigrants to Manchester from Quebec on November 24, 1908. America’s Credit Union Museum now occupies the location of the home from which St. Mary’s Bank Credit Union first operated.

Not many financial institutions live to the ripe old age of centenarian.
Once you’re over the hump of 100, you need to be really careful, if recent history is any indication. Let’s take a moment and recognize those that have passed recently.
happybirthdaycakefire2

RIP:

WaMu
1889-2008
119 years old

Wachovia
1879-2008
dead at 129

Citibank
1812-
is on the “watch list” at 196 years old.

In order to survive beyond 2008, we need to look at what some of the causes of death in the banking world are. You know, be fiscally financially fit to prolong our life.
Let’s do a bank “autopsy” to see what the cause of death relates to:

The autopsy reports that WaMu was a suicide. They apparently took their own life when they decided to loan over $40 billion in toxic mortgages.

Wachovia was a very healthy organization that died suddenly – after being exposed to toxic waste (from Golden West Financial that was very ill…)

Citibank was still running around just a few months ago, apparently healthy and willing to buy Wachovia – but now there are signs of slowing down. Stock prices dropping……most likely will die of natural causes.

I read a story this week-end that got me a little worried about the health of one credit union. It’s like they have high blood pressure and aren’t willing to take their medication and cut the salt out of their diet. It’s their version of “pay day lending” that has me worried.

Once we hit 100 – we need to be really careful to stay healthy. That’s all I’m sayin……

The Difference Between Banks and Credit Unions

Thank you to my dear friend Janine McBee, Synergist for Southwest CUNA Management School for sharing this with me.

The creator is SCMS President, Class of 2010

ALex Rascon, Branch Manger

GECU of El Paso

I think this is a mistake. A huge mistake. Today in the CU Journal is an article titled Treasury Bailout: CUs Want Coverage Under The TARP.

Here’s an excerpt: 

John Annaloro, president of the Washington CU League, noted that after Treasury infused $125 billion into the nation’s nine largest banks, it has agreed to invest another $35 billion into an additional 20 regional banks, with more funds promised for troubled banks. “It’s my contention that credit unions should be eligible for some of those funds,” Annaloro told The Credit Union Journal yesterday

Especially concerning for Washington credit unions, said Annaloro, was news that Washington Federal Savings is receiving $230 million in new capital under the Treasury program. “Our credit unions are worried about how that might affect their ability to compete, with rates on loans, rates on deposits, and all of that.”

I don’t know about you but this article reads like, “Why does HE get to crash the car and I don’t?” 

Um, because crashing the car is not a great idea. It’ll leave a mark – on YOU and the car.

Thoughts?

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