Muslim Credit Union Leads In Profitability
HOUSTON-Nizari Progressive FCU, which serves the area's practicing Muslims, was the nation's most profitable credit union over $25 million in assets for the third quarter. Data compiled by Callahan & Association shows Nizari Progressive FCU earned $1.2 million in income for an annualized third quarter return-on-average assets (ROA) of 4.83% for the period.
The rest of the top ten were: Brotherhood CU, Lynn, net income $4.8 million (4.43%); Progressive CU, New York City, $10.3 million (3.86%); Central CU, New York City, $2.5 million (3.83%); CommunityWide FCU, South Bend, Ind., $5.9 million (3.45%); St. Thomas FCU, the Virgin Islands, $873,000 (3.09%); MedCom FCU, Decatur, Ga., $898,000 (3.02%); Prince George's Employees FCU, Upper Marlboro, Md., $2.1 million (2.85%); Security 1st FCU, San Antonio, Texas, $4.1 million (2.84%); and United FCU, Buchanan, Mich., $5.3 million (2.83%).
Big Demand For Credit Reports
WASHINGTON-The three major credit bureaus were reporting heavy demand for free credit reports required in 13 states beginning Dec. 1 under the new credit reporting law, known as the FACT Act. Rollout of the free reports was staggered-starting in the western states-to allow the three major credit bureaus to cope with expected heavy demand. Representatives of the three bureaus, Equifax, Experian and TransUnion, said tens of thousands of consumers had requested free copies of their credit reports, used by CU and banks, to gauge creditworthiness.
Postal CUs In Deal With Bank
CLEVELAND-The National Association of Postal CUs said it signed with KeyCorp., parent of KeyBank, to market Key's agent services, which provide surcharge-free access to Key ATMs, to its 150 credit union members. More than 50 credit unions have already signed on to Key's agent program, providing their members with access to some or all of Key's 2,200 ATMs around the country.
Maine To Launch TV Ads
WESTBROOK, Maine-The Maine CU League has agreed to six new commercials and a media buy for its 2005 statewide advertising campaign which centers on the theme, "There's one for you." The 30-second spots promote the message there is a credit union for everyone in Maine. Three of the spots feature testimonials from members and the other three focus on the fact that anyone can use a credit union. The spots, which were produced by Catama Film and Video of Portland, will air in early January.
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