Headquarters Sale Brings HeftyProfits

QUEENS, N.Y. - (08/27/03) -- The sale of its corporateheadquarters here made Qside FCU (formerly Waterside FCU) the mostprofitable credit union in the nation for the first half of theyear. The $47 million credit union sold itsheadquarters in the hot New York real estate market for $2 millionand is now leasing office space, Mark Johnson, president of Qside,told The Credit Union Journal. The sale enabled Qside to report netincome of $1.8 million and a return-on-average assets (ROA) of 8.3%for the first half, according to Callahan & Associates. Therest of the top 10 most profitable credit unions over $25 millionin assets were: Hoboken School Employees FCU, Hoboken, N.J., withnet income of $613,000 (4.29%); Progressive CU, New York City, $5.2million (4.16%); Whatcom Educational CU, Bellingham, Wash., $5.4million (3.58%); Salt River Project CU, Tempe, Ariz., $2.9 million(3.34%); Financial Partners CU, Downey, Calif., $9.4 million(3.31%); Vons Employees FCU, El Monte, Calif., $3.4 million(3.23%); Telcoe FCU, Little Rock, Ark., $2.2 million (3.22%);Telesis Community CU, Chatsworth, Calif., $5.3 million (3.21%);Consumers FCU, New York City, $504,000 (3.14%).