Georgia Story Archive

 

Georgia’s Own Credit Union on Track to be the First Credit Union to Purchase a Bank in 2022

Named a Top Workplace of 2022, Atlanta-based Georgia’s Own Credit Union said Monday it will send to regulators a proposal to buy Smyrna, Georgia-based Vinings Bank in the first move by a credit union in 2022 to acquire a bank.

As the third-largest credit union in Georgia, the credit union stated it will “submit to regulatory agencies a proposal to acquire the $653 million-asset bank after the two organizations agreed upon financial terms, which were not disclosed.”

“We are thrilled at the opportunity to partner with Vinings Bank,” David Preter, the president and CEO of Georgia’s Own, said in the press release. “We are committed to making this venture a positive one for everyone involved. Through this alliance, we feel confident that we can deliver added value and exceptional products and services to our members and the community.”

In 2021, credit unions proposed 13 bank acquisitions, a number Michael Bell, co-leader of the financial institutions practice group at Honigman, stated he anticipates will double in 2022. “I expect 25-plus to announce. … My prediction is based on the work and deal flow I am seeing,” he commented to American Banker in January. “I have never seen so much activity.”

Read more in American Banker here

 


Georgia United Foundation Announces 2022 High School Competition

December 9, 2021 / DULUTH, GA — Georgia United Foundation is pleased to announce the launch of their 28th annual High School Competition which will award a total of $30,000 in scholarships to six student members.

The foundation’s unique scholarship program encourages college bound students to showcase their creativity through a one-minute video submission explaining how they will use their education to help the community. Additional consideration is given to academic achievement, demonstrated leadership and participation in school and community activities.

Last year, the foundation added two additional scholarships in memory of board members Monsignor Stephen Churchwell and Randall Dennis, who passed away while actively serving on the Georgia United Board of Directors. A total of six scholarships will be awarded to deserving students who plan to attend college or a technical school during the 2022-2023 school year

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Cherokee County Born & Raised President & CEO Named Top 10 in 10
Author: Lizeth George; Southeastern CU News

WOODSTOCK – June 10, 2021 – Credit Union of Georgia is honored to announce the recognition of their President & Chief Executive Officer, Brian Albrecht as one of Cherokee County’s Top 10 in 10 Young Professionals to Watch. The Cherokee County Chamber of Commerce in partnership with Enjoy Cherokee Magazine coordinated this recognition program to focus on Cherokee County residents under the age of 40 who are considered to be the county’s up and coming leaders over the next 10 years. At the age of 35 and after dedicating 10 years to Credit Union of Georgia, Albrecht was named President/CEO of the $320MM Credit Union in 2018. Since his time at the helm of Credit Union of Georgia, it has grown to over $500MM in assets in less than three years.

“We were extremely pleased with the number and caliber of candidates for this year’s recognition. As we have grown accustomed to since this program’s inception in 2012, far more than 10 nominations were received and likewise, there were far more applications than honoree slots. Each application was carefully reviewed by a panel of judges that found the task of only choosing ten honorees challenging,” shared Chamber Board Chair Adam Smith, Senior Vice President and Commercial Banker with Synovus

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Georgia Credit Unions Continuously Provide Financial Aid for Members During COVID-19

February 22, 2021 — DULUTH, GA. — Credit unions in Georgia have continued to work tirelessly to help members through the financial realities of the COVID-19 pandemic.
The Georgia Credit Union Association (GCUA) – the division of the League of Southeastern Credit Unions & Affiliates (LSCU) representing Georgia credit unions – has surveyed credit unions in the state three times since the onslaught of the COVID-19 pandemic. The results quantify the ways in which the state’s credit unions have helped consumers through this uncertain time. With 17% of credit unions responding, GCUA’s surveys yielded impressive findings.

“This was a trying year for everybody – but credit unions in Alabama, Florida and Georgia worked hard throughout this unprecedented time to help their members afford their everyday lives,” said Patrick La Pine, CEO of LSCU. “At the League, we are so proud of the efforts of our member credit unions. I’m proud to be able to spread the word about the good work they’ve done during the COVID-19 pandemic and beyond.” The GCUA’s COVID-19 Member Engagement Surveys found the following:

  • Credit unions in Georgia have granted at least 25 mortgage loan forbearance and extensions for a total of $2 million.
  • Credit unions in Georgia have granted at least 59 commercial/business loan forbearance/extensions for a total of $10 million.
  • Credit unions in Georgia have granted at least 676 consumer loan payment extensions for a total of $5 million.
  • Credit unions in Georgia have granted at least 61 SBA Payroll Protection Loans that are SBA approved/guaranteed for a total of $2.8.8 million.
  • Credit unions in Georgia have granted at least 4 low-rate emergency loans for a total of $10,000.
  • Credit unions in Georgia have granted at least 4,645 in fee waivers for a total of $6,626.

These numbers are evolving throughout this crisis. GCUA will continue detailing the numerous ways credit unions across Georgia are helping members afford life during COVID-19.


Georgia prize-linked savings legislation passes
April 17, 2019 — After an extensive advocacy campaign by the Georgia Credit Union Affiliates (GCUA), the state legislature passed a bill that would permit credit unions and other financial institutions to offer savings accounts that include a “sweepstakes” component as an option to help encourage savings among members.

To keep the bill moving forward, GCUA testified in hearings, lobbied legislators and held multiple private meetings with key leaders. The bill was amended in the House to strengthen the bill and make it explicitly clear that it was not “gambling,” and work was put forth to fight back against unwanted pro-gambling amendments.

The measure now awaits the signature of Gov. Brian Kemp ( R).

Analysis Shows How Georgia Consumers Benefit From Credit Unions
Feb. 3, 2017 — Members of Georgia’s credit unions received a direct financial benefit of $87 per member and $165 per household for the 12 months ended September 2016 vs. having had the same relationships with banks, according to the Georgia Membership Benefits Report compiled by Georgia Credit Union Affiliates. (CUToday.infoREAD

Georgia Credit Union Members Enjoyed $130 Million in Direct Benefits Last Year
May 5, 2015 – Atlanta, Ga. – Georgia credit union members reaped direct financial benefits of $129.9 million in 2014, according to the semi-annual Member Benefits Index (MBI) released by Georgia Credit Union Affiliates (GCUA).

Georgia Credit Union Affiliates Compiles List of Top 25 Georgia Credit Unions
March 27, 2015 – The Peach State’s 136 credit unions posted strong final quarter numbers, with an overall loan growth of 11.1 percent in 2014.

Georgia Department of Banking and Finance Adopts Final Rules

December 8, 2014 – Atlanta, Ga. – On Dec. 5, 2014, one month after a synopsis of proposed Rules was distributed by the Georgia Department of Banking and Finance (DBF) on Nov. 3, 2014, DBF adopted the Final Rules. Pursuant to OC.G.A. § 50-13-6, the effective date of the Rules will be Dec. 26, 2014, 20 days after the filing of the Rules with the Secretary of State.


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