COCC, Avon
COCC has landed a deal to supply Ukrainian Federal Credit Union of Rochester, N.Y., with state-of-the-art technology and support. The agreement is designed to boost efficiency and expand services for the 16,000 members of the credit union while supporting the union’s growth plans.
Ukrainian Federal opened in 1953 to support the financial needs of the Ukrainian-American community. Since then, the credit union has expanded to include six branch locations, including sites in Albany, N.Y., and Syracuse, N.Y.; Sacramento, Calif.; Boston and most recently, Portland, Ore. During the past eight years, membership has nearly tripled to 16,000, while assets expanded to $125 million.
The credit union is aiming to reach 25,000 members and $165 million in assets in the next five years.
Based in Avon, COCC provides enterprise processing solutions to financial institutions using open systems from Open Solutions Inc.
Center Secures Financing
The Hartford office of CBRE/ Melody has arranged $16.9 million in financing for the Chase Corporate Center in Birmingham, Ala.
Built in the late 1980s, the center includes two mid-rise Class A office buildings containing 210,000 square feet of office space located at 1 Chase Corporate Drive and 2 Chase Corporate Drive.
“Talcott III Chase Corporate Center LLC purchased the property from Invesco in the fall of 2006,” said Mike Riccio, senior director of CBRE/Melody Hartford. Aegon USA Realty Advisors provided the financing, he said.
Talcott III Chase Corporate Center retained Riccio, as well as Tom Melody and Steve Shumake from CBRE/Melody’s Houston office, to secure the loan. Aegon provided the funding for a five-year term.
CBRE/ Melody, the real estate investment banking division of CB Richard Ellis, originates a range of debt and equity capital.
Essex Reports Income
Essex Savings Bank recently reported a net income of $2.3 million for the fiscal year ending Sept. 30, 2006. The income marks the highest in the bank’s history, and a 17 percent increase over the 2005 performance.
Total assets grew to $244 million, a 6 percent increase from the $230 million reported the previous year. The bank reported finishing the year with $1.7 billion in assets, noting that assets currently under management top $1.8 billion.
Essex Savings Bank is an FDIC-insured, state-chartered, mutual savings bank established in 1851.
Averett Joins Amston
Amston Mortgage Co. in Moodus has added Gary Averett of Vernon as a loan originator of reverse mortgages.
Reverse mortgages have been available for a number of years with increasingly more seniors availing themselves of them as the cost of remaining at home increases. Nearly 65 percent of the seniors taking reverse mortgages use the money to pay for home health and other health care expenses not anticipated at the time of retirement.
“So few options exist for older people who want to remain in their homes,” said Averett. “A reverse mortgage can be a godsend.”
Thornburg Hires Massaro
Thornburg Mortgage has hired Wendi Massaro as the company’s East Coast broker sales account executive for the recently developed mortgage broker origination channel.
Massaro will be responsible for growing the East Coast regional originations for Thornburg Mortgage’s broker sales network, with a focus on the development of broker sales in Connecticut.
Massaro, who has 13 years of experience in the finance and mortgage industry, joins Thornburg Mortgage from Quantum Mortgage Corp., based in White Plains, N.Y., where she was founder and president. She previously was employed by SLH Mortgage & Financial as a senior mortgage loan officer and Prudential Financial Services as an intermediate financial analyst.
Thornburg Mortgage is a single-family residential mortgage lender focused on the jumbo segment of the adjustable-rate mortgage market. The company has $52.9 billion in assets.
