Cal./Nevada League Ad Takes Banks To Task Over Profit Figures

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The California/Nevada Credit Union League congratulated the banking industry on another quarter of record profits in ads placed in Capitol Hill publication Roll Call.

"Considering the non-stop complaints by the nation's bankers that they cannot compete against America's credit unions, it's nothing short of remarkable that the nation's 9,100 banks earned a record $31.9 billion in the first quarter of 2004, the fifth consecutive quarter in which bank profits hit a new high," said CCUL CEO David L. Chatfield.

The full-page ad is adapted from an almost identical ad the leagues ran earlier. Ad copy notes that annual bank profits equal nearly one-fifth of all the assets of all U.S. credit unions. Text asks, "Isn't it time for banks to invest as much of their profits into serving their customers as they spend on harassing America's credit unions and their 84 million members?" The text is superimposed over a pile of $20 and $100 bills.

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