RIVERSIDE, Calif. - (08/12/05) -- A simple offer of a coffee gift cardis being credited by Altura CU for boosting its membership over the100,000 mark and helping to grow assets by more than $54 million inthe first five months of this year. The credit union staged a"Something's Brewing at Altura Credit Union" marketing campaign fortwo months that included promotional offers designed to enroll newmembers as well as entice existing members to expand theirrelationship to new product lines. It included radio and print ads,flyers for SEG partners and in-branch merchandising. Everynon-member who inquired about opening a checking account at abranch received a $5 Starbuck's gift card. Existing members couldreceive a $5 gift card for opening another checking account,increasing their products or services to a total of five, or byreferring a family member or friend who then opened a checkingaccount. The Starbucks card is credited with bringing in at least2,000 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.
April 18 -
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.
April 18 -
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.
April 18 -
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.
April 18 -
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.
April 18