GOSHEN, Ind. - (02/20/06) Farm Bureau CU will open itsspacious new headquarters on Tuesday. The 53,000 square-footbuilding, three times the size of the old offices across thestreet, is considered the centerpiece of the redevelopment of thecitys West Lincoln Avenue area. The building featuressloping brick walls and large green windows and an open atrium andskylight in the middle. It also has an Internet cafĚ, coffeebar and childrens area. The facility was designed byLeedy-Cripe Architects of Elkhart, and built by DJ Construction ofGoshen. The credit union was chartered in 1932 and has grown tomore than $350 million in assets and 40,000 members.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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