Freddie Mac Reports $11B Profit, Its Largest Ever
WASHINGTON-Freddie Mac reported an $11-billion annual profit for 2012-its largest ever annual gain and first profitable year since 2006, the peak of the housing bubble. The troubled mortgage finance company, which was taken over by the government in 2008, had net income of $4.5 billion in the quarter that ended Dec. 31, after taking into account a $5.8-billion payment it will make to the U.S. Treasury in return for the ongoing taxpayer bailout. Last year's net compared to a loss of $5.3 billion for 2011. The company attributed the improved financials to gains in home values and fewer mortgage delinquencies. It was the fifth straight quarter in which Freddie Mac turned a profit.
The company, which has drawn a cumulative $71.3 billion in aid from the Treasury, has already paid back $23.8 billion of the government aid.
CO-OP Shared Branches Hit 5,000; Now 4th Largest
RANCHO CUCAMONGA, Calif.-The number of credit union "live teller" branch locations available through the nationwide CO-OP Shared Branching network has reached 5,000, making it the nation's fourth-largest branch network. Only Wells Fargo, Bank of America and Chase, with 6,382 branches, 5,916 and 5,833, respectively, have more.
Almost 1,800 credit unions participate in CO-OP Shared Branching, which CO-OP said enables members to enter any branch and conduct their business as if they were at their own credit union. CO-OP added 502 shared branches with last year's merger of Financial Service Centers Cooperative, Inc.
CUs For Kids Raises Record $10.2M
SALT LAKE CITY-Credit Unions for Kids reported that it closed 2012 with a record $10.2 million raised, $1.5 million over 2011. Credit Unions for Kids said its campaign, which drew the support of approximately 3,000 credit unions, was highlighted by the CO-OP Financial Services Miracle Match program; two leave-behind projects at CMN Hospitals in Tampa and St. Petersburg, Fla. and Charlotte, N.C., and a sister project in Greenville, SC; Credit Union Miracle Day, Inc. Family of Races; wine auction events in the Pacific Northwest and California; golf tournaments in Phoenix and Tampa; a statewide walk in Ohio and Miracle Jeans Day.
The Credit Unions for Kids program was first launched in 1996 and since that time credit unions have raised $110 million for Children's Miracle Network Hospitals.
NASCUS TO Host Directors College
TUKWILA, Wash.-The National Association of State CU Supervisors is holding a one-day tutorial for credit union directors here April 22. The "Directors College" is geared toward enhancing directors' understanding of the critical statutory, fiduciary and regulatory responsibilities of a director, NASCUS said. Among the topics to be discussed are: current exam issues, which will be hosted by Linda Jekel, Washington's director of CUs. Tuition for NASCUS members is $199; non-members is $299.
LMCU Offering $25K Sweepstakes
GRAND RAPIDS, Mich.-Lake Michigan CU is partnering with Home and Garden TV host Carter Oosterhouse for a marketing campaign that will culminate in a sweepstakes awarding a $25,000 home makeover. Oosterhouse, who is a Lake Michigan CU member, is nationally recognized for hosting several cable TV shows about home renovation, design and community outreach. He is the host of a new HGTV show called "Million Dollar Rooms."
The credit union said its campaign will stretch across multiple media, including TV, radio, print, outdoor, point of sale, Internet, social networks and member communications. The sweepstakes will run until April 30 with a single drawing to be held May 17. The winner not only will get a $25,000 cash prize, but also advice from Oosterhouse about design ideas and eco-friendly building tips.
