CUNA Will Finish Year In Black

Register now

CUNA said it had a small net income of $124,400 for the first eight months of the year and expects to be profitable for 2004, for the second year in a row. CUNA Treasurer Alan McMorris reported at last month's CUNA Board meeting in Honolulu that the group had eight-month revenues of just over $30.1 million, compared to expenses of $30 million. "Net income will be in the black, even in the face of significant resources expended during an election year and resources spent to defend credit unions against bank attacks," McMorris told the CUNA board. As a result, CUNA expects net income of about $300,000 for the year. CUNA broke into the black last year to the tune of $450,000, after reporting losses the previous two years.

For reprint and licensing requests for this article, click here.