Sale Of Bank Stocks Pushes CU To #1
LYNN, Mass.-Windfall profits of $2.9 million this year on the sale of bank stocks-permissible holdings under state regulations-helped make Brotherhood CU the most profitable credit union in the nation in the second quarter. The $107-million credit union earned $2.7 million on its bank stocks in the second quarter and reported a total of $3.4 million in net income for the period, BCU President James Sherman told The Credit Union Journal.
That gave the credit union an average return-on-assets (ROA) of 6.27% for the second quarter, the best among credit unions of more than $25 million in assets, according to Callahan & Associates.
The rest of the top 10 were: Central CU, New York $1.5 million net income (5.05%); Progressive CU, New York, $5.1 million net income (3.82%); NuMark CU, Jolliet, Ill., $2.6 million (3.64%); Security First FCU, San Antonio, Texas, $2.3 million (3.23%); Communitywide FCU, South Bend, Ind., $2.6 million net (3.22%); Great Lakes CU, Toledo, Ohio, $372,000 net (2.90%); United FCU, Buchanan, Mich., $2.6 million net (2.86%); Pioneer Muslim CU of Houston, Houston, Texas, $470,000 (2.84%); and Delaware FCU, Wilmington, Del., $1.8 million (2.81%).
21 More Mergers In July, 175 For Year
ALEXANDRIA, Va.-NCUA said it approved another 21 mergers in July, making a total of 175 through the first seven months of the year. July's mergers include another 15 small credit unions under $5 million in assets, making a total of 116 small credit unions disappearing through mergers so far in 2004. The biggest mergers approved in July were: Belco Community CU, Harrisburg, Pa. ($235 million) with Wellspan Health FCU, York, Pa. ($10 million); Piedmont Aviation CU, Winston-Salem, N.C. ($220 million) with Advantage CU, Eden, N.C. ($11 million); and International Harvester Employees CU, Springfield, Ohio ($150 million) with The Springfield CU, Springfield, Ohio ($14 million).
Illinois CUs Back Obama
CHICAGO-CUs officially endorsed Democratic Senate candidate Barack Obama after a meeting with Obama last week in which the candidate weighed in in favor of the credit union tax exemption, the independence of NCUA and the NCUSIF, and proposals to expand CU services. "He's on board with all of our issues," Don Edwards, chief lobbyist for the Illinois league, told The Credit Union Journal.