TALLAHASSEE, Fla. - (06/22/05) -- Credit Union 24 said it paid itsnetwork-participating credit unions almost $6 million in dividendsand rewards for 2004, based upon shareholder activity and thenetwork's financial performance. CU 24 said the more than $5.8million disbursement covers both a $2.3 million Patronage Dividendand more than $3.5 million earned by credit unions through thenetwork's Platinum POS Rewards program. Patronage Dividends arepaid to all shareholders. Platinum POS Rewards is a tiered rewardsprogram that pays credit unions cash monthly, based upon theiroverall transaction volume with the network.
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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.
April 18 -
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