Credit union contract for EFT Source

Nashville-based credit card maker EFT Source has signed a deal with Albany, N.Y.-based Covera to market its Card@Once technology to Covera's more than 300 credit union customers. The Card@Once platform cuts time and money out of the card issuance process and has been growing quickly for 36-year-old EFT Source.

Nov 20, 2013 11:33 AM

Credit union eyes Sumner growth

The Electric Service Credit Union has opened the doors to its office on Hendersonville's Indian Lake Boulevard, the third outpost for the $55 million institution. ESCU, which first stepped beyond its NES headquarters home downtown in 2008 with an office in Donelson, had net income of $242,000 last year.

"We have found that locating our branches in areas of new retail growth is a good move for us. Being located on a corner with neighbors like Sam’s Club and McDonald’s will attract families, and we hope to convert some of that traffic into business for the credit union."


May 14, 2012 7:07 AM

Credit union preps for move from high-profile lot after church sale

First Evangelical Lutheran's plans unknown for site near Music City Center
Apr 13, 2012 1:45 PM

Southeast Financial names new CFO

Promotion comes as credit union completes CEO transition
Feb 16, 2012 12:44 PM

Southeast Financial on the move in Memphis

Southeast Financial Credit Union has acquired a former BancorpSouth branch in Germantown for $1.8 million and will move its Midtown Memphis office out there. The Franklin-based institution finished 2010 with assets of about $400 million.

Jul 27, 2011 7:10 AM

Credit union for Nissan workers hit with regulatory order

'Your credit union's future may be in serious jeopardy...' The National Credit Union Administration has told the board and management of Veritas Federal Credit Union to shape up its risk management and other internal controls after the institution's net worth fell more than 30 percent in the 15 months ended in March. In a formal letter of understanding and agreement — available here — NCUA officials said the leadership of the $34-million-asset Veritas must "vigorously dedicate" itself to restoring the financial health of the institution, which caters to employees of Nissan North America and some auto suppliers. "Veritas' officials are expected to make a sustained, effective, and conscientious effort to successfully correct the numerous deficiencies noted," the regulators wrote. Chief among the shortcomings are credit and vendor management problems as well as "weak internal controls and accounting problems." Veritas lost almost $1.2 million in 2009, during which it shed almost $5 million of the $41 million in assets with which it started the year. In 2009, the company also charged of $607,000 in bad loans, about 2 percent of its total portfolio. Those moves contributed to a 2009 drop in its net worth of almost $1.2 million to $2.7 million. In their agreement with the NCUA, Veritas’ leaders agree to tighten up their processes for initiating foreclosures and other credit-related issues, implement a vendor management program and hire outside parties to reconcile various accounts and perform an opinion audit. Veritas CEO Teri Crowl could not be reached for comment Thursday afternoon. Earlier in the day, she told the Business Journal that most of her institution’s problems are behind it and that it is about to again turn a profit.
Aug 6, 2010 8:23 AM

Credit union's newest office is inside Antioch High

The Tennessee Credit Union will this fall open its 12th office inside Antioch High School in conjunction with an agreement to sponsor the school's new Academy of Business & Hospitality.
This is the first time in the history of Nashville’s public school system that a local business has earned the rights to be an official, named sponsor of a school program. Wyatt and Martin have been working on this partnership for several months to take the school’s business academy to the next level and provide students and staff exposure to “real-world” experiences and practical application of course material.
About 50 businesses are expected to officially sign on next week for similar sponsorship deals with Metro public schools.
Apr 28, 2010 2:26 PM