WASHINGTON - (06/21/06) One-time gains helped propelseveral credit unions to the top of the list of most profitable forthe first quarter of the year. Allegis CU, the $54 million Oshtemo,Mich., credit union, reported $637,000 in net income for the firstquarter, due to the sale of its mortgage CUSO. That pushed thecredit unions return-on-average assets to a nation-best4.76% for the period, among credit unions with more than $25million in assets, according to Callahan & Associates. FortFinancial FCU, in Fort Wayne, earned $2.1 million much because ofthe sale of its $15 million credit card portfolio to MBNA, givingit a 4.61% ROA for the quarter. At number three was PortallianceFCU, Norfolk, Va., which sold an adjacent plot of land to help itearn $641,000, and a 4.22% ROA for the quarter. The rest of the topten were: St. Jeans CU, Lynn, Mass., $1.1 million net, and4.02%; Yavapai FCU, Prescott, Ariz., $260,000, and 3.74%; DefenseContracts South FCU, Dallas, $280,000, and 3.73%; Bridgeton OnizedFCU, Vineland, N.J., $255,000, and 3.73%; Nizari Progressive FCU,Houston, $260,000, and 3.72%; Progressive CU, New York City, $2.6million, and 3.48% and Advance Financial FCU, Schereville, Ind.,$1.1, million and 3.48%.
-
A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
5h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
6h ago -
In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
7h ago - Yahoo Finance Feed
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
7h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
7h ago -
The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
7h ago