16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Debbie Matz Debbie Matz was nominated by President Barack Obama to serve as the eighth board chair of the National Credit Union Administration (NCUA). After confirmation by the U.S. Senate on … Web: www.ncua.gov Details This is the success story of Keys Federal Credit Union in Key West, Fla., which recently, against all odds, was returned to its members after the longest conservatorship in NCUA history.When placed into conservatorship, Keys was all but dead in the water. The story of how this unstable credit union reversed course and is now thriving is one of collaboration and determination.Setting SailKeys Federal Credit Union is the oldest financial institution in the island chain known as the Florida Keys. It was chartered in 1940 to serve Key West Naval Air Station employees.The field of membership expanded in 1994 to a community charter serving all islands in the chain. It ultimately reached more than 10,000 members and $120 million in assets.The Perfect StormHowever, the credit union was knocked far off course by the financial crisis that began in 2008. The crisis depressed tourism throughout the Florida Keys, causing massive job losses and a 50 percent drop in real estate values.Complicating these unfortunate circumstances, Keys was weighed down by heavy concentration risk. Real estate loans accounted for more than 67 percent of the portfolio and almost 900 percent of net worth.By September 2009, the delinquency ratio loomed above 5 percent; the net charge-off ratio was closing in on 1 percent; and operating losses swelled to $5 million.Keys had already undergone a change in management, and the Chairman was attempting to merge with another Florida credit union. When that merger fell through, directors of Keys consented to a voluntary conservatorship.On Sept. 24, 2009—one month after I was sworn in as NCUA Board Chairman—the NCUA Board voted unanimously to conserve Keys in order to protect the National Credit Union Share Insurance Fund.Navigating Stormy SeasDuring the first year of conservatorship, loan losses continued to rise and the net worth ratio plunged to 2.4 percent by September 2010.Given its declining trajectory, Keys was on course to cost the Share Insurance Fund as much as $20 million. But NCUA’s Conservatorship Board had a different vision: to turn Keys around and prevent those losses.In early 2011, the Conservatorship Board made tough decisions to close two branches, reduce staff, renegotiate contracts, and temporarily suspend the real estate and member business lending programs that had caused deep losses. To boost consumer lending, the main office was relocated to a more visible retail location.In May 2011, the Conservatorship Board hired Scott Duszynski as President/CEO. Scott had worked at Keys for 15 years in operations, accounting, strategic planning, and information technology. In addition to his strong credentials, he maintained a strong presence in the local community and positive working relationships with staff and members.At the direction of the Conservatorship Board, Scott immediately implemented significant operational changes. He also began working to strengthen Keys’ relationship with the Navy community and reestablish the credit union’s presence in the field of membership. Righting the ShipImprovement was slow. It wasn’t until the end of 2012 that the local economy showed signs of recovery. Delinquency and loan losses were finally receding, and the credit union started to turn around.At the beginning of 2014, when Myra Toeppe became the new NCUA Region III Director and the Agent for the Conservator of Keys, the Conservatorship Board realized additional, fundamental changes were needed if the credit union was ever to be returned to the membership.This required a revised Net Worth Restoration Plan and development of a realistic, viable business model. Operations were further streamlined; fees were raised to reasonable levels, and loans were shifted from real estate to autos and credit cards.With these changes, earnings improved substantially. Incredibly, return on assets in 2014 topped 1 percent, and in the first half of 2015 approached 1.4 percent. Even more remarkably, Keys outperformed its Net Worth Restoration Plan for four consecutive quarters, and by September 2015 had a net worth ratio approaching 6 percent.Charting the Future CourseBefore returning the credit union to its members, the Conservatorship Board established an Advisory Board of seven qualified and motivated volunteers who would form the credit union’s board of directors and supervisory committee. The seven volunteers were long-time credit union members with varied backgrounds and strong ties to the community.These enthusiastic volunteers participated in numerous educational courses and attended monthly meetings with the Conservatorship Board and NCUA staff to gain an understanding of the duties and responsibilities required of credit union board members. After two years working with the Advisory Board, the Conservatorship Board determined that these seven dedicated individuals were ready and able to guide Keys into the future.Celebrating SuccessAlthough a long time in coming, Keys Federal Credit Union is a conservatorship success story. As counterintuitive as it may seem, this conservatorship ultimately saved the credit union from failure and saved the Share Insurance Fund from millions of dollars in losses. In doing so, it provided members with continued access to the affordable financial services they have come to expect for 75 years.This remarkable recovery was made possible through the collaborative efforts of Keys’ management and staff, the Advisory Board, NCUA staff, and the loyal members who stuck with their credit union through turbulent times.Through sheer determination and commitment by the management and Conservatorship Board, willingness to reshape the business model and make very tough decisions required to stabilize and revitalize the credit union, Keys will remain open to many generations of local residents—hopefully for at least another 75 years.
The suspected NPA lair is located akilometer from the crime scene where four Intelligence Personnel of theRegional Mobile Force Battalion were brutally murdered last July 18, 2019 inSitio Yamut, Barangay Mabato in the same town./PN During the clearing operations, thetroops recovered nine switches and five pieces detonators, which are often usedin making improvised explosive device. The local terrorists allegedly leftthe lair in the boundary of sitios Yamut and Talaptapan in Barangay Mabato,Ayungon when the troops arrived in the area. BACOLOD City – An alleged hideout ofthe New People’s Army (NPA) in a hinterland village of Barangay Ayungon, NegrosOriental was seized after an encounter between a military offensive and communist guerrillas. Lieutenant Colonel Randy Pagunuran,commanding officer of the 94IB, said the report of the barangay residents is anindication of their need for peace. “This clearly shows that the civilians do not like the presence of NPAterrorists in their area. They are now cooperating and doing their part inorder to make the communities peaceful and free from NPA influence,” saidPagunuran. Included in the lists of seized itemswere the following: a pair of rain boots; rain coat; a coil of utility rope;two saws for metal and steel, an axe, and a hammer. In a statement released to the media,the troops said the resting place of the suspected rebels can accommodate 15persons. A portable generator, three rifle scopes,a medical kit, a pair of handcuffs, one pouch and eight T-shirts printed withNPA logo were also recovered during the operations. Soldiers also found “subversivedocuments with high intelligence value along with other personnal belongings.” Operating troops of the PhilippineArmy’s 94th Infantry Battalion (94IB) conducted the security operations around11:40 a.m. on Wednesday after civilians reported about the presence of armedmen in the village.
Former Dagenham and Dartford defender Arber, whose father Bobby has also worked for the Gunners as a scout, posted a tweet on his personal account, @1Arbs, on Monday that suggested he had bet on midfielder Ozil’s impending move to the Emirates Stadium. “Lovely bit of 14-1 Mesut,” he wrote. Press Association Arsenal have issued a statement claiming to have taken “appropriate action” against academy coach Mark Arber after it appeared that he had placed a bet on the club completing the signing of Mesut Ozil. The Barclays Premier League club confirmed on Friday they were treating the tweet as a matter of urgency and by the afternoon they announced they had reached a conclusion. “We take this very seriously,” a club spokesman said. “All Arsenal employees and workers are well aware of their responsibilities in this respect. Following an investigation we have taken appropriate action in relation to a casual worker.” The Football Association declined to comment when contacted by Press Association Sport but, if Arber had bet of the arrival of 24-year-old Ozil, who completed a club-record £42.4million move from Real Madrid late on transfer deadline day, the 35-year-old is likely to have broken terms highlighted in the FA’s guide to betting rules. The rules state: “You are not allowed to place a bet on a game or competition in which you have any influence, either direct or indirect. “The above includes all bets related to the following: Any other events involving your club or other clubs playing in the same league competition (such as next manager markets).”
The rest of the top ten is unchanged, with Rory McIlroy third, Dustin Johnson in second and Jason Day first.
The West Indies’ visually impaired cricket team’s Jamaican players have received a sponsorship of just under $3 million to compete in the 2017 T20 World Cup Cricket for the Blind in India at the end of the month.The Sports Development Foundation (SDF) has contributed $2.2 million of this, with another $750,000 coming from the Jamaica Cricket Association.Sports Minister Olivia Grange said that the team still needs all the support it can get, especially financially, and has urged corporate Jamaica to get on board to help to cover other expenses the team still has.”There is still a shortfall and I will continue to lobby on behalf our visually challenged cricketers. They deserve this opportunity to compete against the best players in the world. They have always represented their country and the region with distinction and I know they will do so again. I appeal to corporate Jamaica to get behind our visually impaired cricketers and help them to get to the World Cup,” the sports minister said.The donation was made to the team on behalf of the Jamaica Visually Impaired Cricket Association as the West Indies Cricket Council for the Blind had requested that each player gets funding from the respective territories. This meant a higher figure was needed for the Jamaicans as eight of them make up the 11-member squad.Minister Grange and SDF general manager Denzil Wilks both assured the team that the donation would not affect funds to be given to the Jamaicans at a later date as they look to defend their regional title.SENSE OF OPTIMISMThe team had faced the threat of withdrawing from the competition because of a lack of funds, but as they now look towards their opening game against the hosts on January 31, squad member Jason Ricketts said that there is a renewed sense of optimism in the camp.”We’re confident,” he says. “I’m not gonna say that we’re gonna win (the entire competition), but we’re in a better position now and actually feeling better than a week ago.”His teammate Mark Sweeney said that the donation has him motivated even more to make the region proud.”I must say that I am feeling a sense of relief,” Sweeney said. “I really want to go and represent my country and the region. We’re going out there to give it our best, nothing but the best.”Ricketts said that the uncertainty over participation has affected the team’s training, but they will make the most of the remaining time.”It’s (preparations) not as smooth as we’d want it to be, but we just have to work with the limited time and resources that we have and try and make it work when we get down to India.”The 2017 T20 World Cup for the Blind will run from January 28 to February 12.
A Letterkenny man who attempted to head-butt a nightclub bouncer after he was removed from the premises has been fined €150.Paul Brogan, from 5 Binnion Avenue, appeared in court charged with assault outside Voodoo Nightclub on September 14th last.The court heard that Brogan, 47, had 19 previous convictions for various offenses including intoxication and using threatening and abusive behaviour. On the night of the offense, Gardai arrived to find Brogan being restrained by nightclub security staff.At one stage he lunged and tried to headbutt a member of the security team but did not connect, according to Garda Inspector David Kelly.Solicitor Kieran Dillon said his client had been under pressure from the sale of his family home which he said had put him “over the edge.”He added that Brogan had no real memory of what had happened and had apologised to staff and the Gardai.He is an electrician but had found it difficult to get work during the recession.Judge Paul Kelly fined Brogan €150.MAN TRIED TO HEADBUTT BOUNCER OUTSIDE NIGHTCLUB was last modified: October 7th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:assaultcourtdonegalletterkennynightclubPaul Brogan
Photo: Simon McGrath, COO AccorHotels Pacific and Michael Issenberg, Chairman and CEO AccorHotels Asia Pacific celebrate the acquisition at Peppers Soul, Gold CoastAccorHotels completes acquisition of Mantra GroupAccorHotels today announced that it has completed its acquisition of Mantra Group for $1.2 billion. The deal includes the Mantra, Peppers, BreakFree and Art Series brands, representing 138 hotels in Australia, New Zealand, Hawaii and Bali.Michael Issenberg, Chairman and CEO of AccorHotels Asia Pacific said, “The Mantra Group is the latest chapter in the strong growth story of AccorHotels in the region. Since our launch with the Novotel Sydney on Darling Harbour in 1991, AccorHotels has become the largest hotel group in the Pacific, and Australia has always played a key role in that story.“AccorHotels is a significant contributor to the Australian tourism industry, and this deal is a signal of our confidence in Australia both as an attractive destination for global travellers but also as a feeder market for our Asia Pacific and wider network.”At the close of the deal, AccorHotels will operate over 330 hotels and resorts across Australia and over 900 throughout Asia Pacific. AccorHotels will also be the largest employer on the Gold Coast, outside of government.Simon McGrath, COO of AccorHotels Pacific said, “The Mantra Group brands will enhance AccorHotels’ portfolio and create new opportunities for our people, partners and guests. We believe that tourism is critical to the economic growth of the region and future job creation and this deal will allow us to further develop the industry.”Mr McGrath added that innovative growth was a hallmark of both AccorHotels and the Mantra Group. “Our innovation in economic business models, brands and customer initiatives has fueled our growth over the last 27 years and the Mantra Group has built an innovative business focused on the best partnership experience for its 10,000 strata title owners,” he said. “Under Bob East’s leadership this bespoke approach and responsiveness has seen it maintain and grow rooms under management. We see enormous value in leveraging Mantra Group’s entrepreneurial spirit and expertise to create new opportunities.“Mantra’s brands and properties perfectly complement the AccorHotels network and will enable us to provide new destinations and new experiences for our guests. We look forward to combining the talent and expertise of both groups to create an even more innovative, agile and dynamic team.”Bob East, CEO of Mantra Group said, “I am immensely proud of the great company we’ve built and what we’ve achieved as an Australian-based business. It’s been an enjoyable journey for me leading the team since 2007 through to our float on the ASX in 2014 and now closing this deal with AccorHotels. I have enormous belief in the business and the team here is looking forward to working with Simon and AccorHotels to continue this success.”The Mantra Group leadership team will continue to be based in the Gold Coast office, reporting to Mr McGrath, in line with all other AccorHotels Pacific business units.“I’m looking forward to getting my feet under the desk at the Gold Coast, working with the team and getting to know the detail of this business. We welcome our Mantra colleagues to AccorHotels and together, we will benefit from our shared values, expertise and entrepreneurial spirit,” Mr McGrath said.Source = AccorHotels