Newspaper article THE JOURNAL RECORD

Wilson Credit Union Changes Name

Newspaper article THE JOURNAL RECORD

Wilson Credit Union Changes Name

Article excerpt

Wilson Credit Union, 2727 SW 15th St., is now known as First State Credit Union, due to approval Jan. 21 by the State Credit Union Board of the name change.

First State's earnings were up 13.68 percent for the year just ended, to $2.16 million from $1.9 million in 1984.

Of 16,931 total members, only 2 percent represent active Wilson Foods Corp. employees, according to Terry Fisher, president and general manager.

"That was the major reason for the name change," he said, "to better define our field of membership."

First State completed a $1.2 million building and expansion project to provide financial services statewide in 1984, according to board chairman E.A. Massey. The credit union serves 270 employee groups and employees of 58 Oklahoma cities.

For the year just ended, First State reported assets of $15.4 million at Dec. 31, up 4.76 percent from $14.7 million at Dec. 31, 1984.

Deposits totaled $14.9 million, a 7.19 percent increase from $13.9 million in 1984.

Net loans numbered $10.2 million, a 3 percent increase over $9.9 million at Dec. 31, 1984.

Reserves for loan losses increased 13.09 percent, to $216,723 in 1985 from $191,633 in 1984. . .

- William M. Isaac, former chairman of the Federal Deposit Insurance Corp., has set up shop with four others to advise troubled banks and thrifts on how to get back on their feet.

The Secura Group, of which Isaac is president and chief executive officer, will combine the experience of John D. Hawke Jr., chairman of the board and senior banking partner at the Washington, D.C. law firm Arnold & Porter; Michael A. Mancusi, executive vice president and former senior deputy Comptroller of the Currency for National Operations; Margaret Maguire Egginton, executive vice president and former deputy to the chairman of the FDIC; and Carol M. Beaumier, senior vice president and former executive assistant to the Comptroller of the Currency.

The firm hopes to act as a "link" between financial institutions and regulatory authorities, assisting management in solving problems and weaknesses either pointed out by regulators, or before theyhave the chance to do so.

Through a pre-arranged facility with a "major" investment banking firm, the consultants said they can bring substantial debt and equity capital to select situations.

The Secura Group is a private firm, organized as a joint venture with Arnold & Porter. The group is a limited partnership, with the law firm as the limited partner and Isaac and the other principals as the general partners. . .

- James T. Farha, senior vice president, general counsel and secretary for Standard Life and Accident Insurance Co. of Oklahoma City, has been elected to a three-year term to the board of directors of the National Organization of Life and Health Insurance Guaranty Association.

Elections were held during the annual meeting of the association in Houston.

Farha just completed a three-year stint as chairman of the board of directors for the Oklahoma Life and Health Insurance Guaranty Association. . .

- William G. Hughes, James A. Butler and Harlan R. Collier have bought out fellow directors Clint Lambert and Dale Young at the First National Bank of Skiatook, Okla.

The move reduces the bank's board of directors from seven to five members, according to bank president James W. Devinney. No management changes at the approximately $34. …

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