Progressive CU, the Manhattan-based credit union specializing in taxi cab loans, was once again the nation's most profitable credit union in 2003.
The $265-million credit union reported net income of $10.4 million and a return-on-average assets (ROA) of 4.06%, according to Callahan & Associates. The rest of the top 10 most profitable credit union over $25 million were: Hoboken School Employees, Hoboken, N.J. with net income of $1.1 million (3.77%); @lantec FCU, Virginia Beach, Va. (since converted to mutual savings bank), $3.3 million (3.66%); Pioneer Muslim CU of Houston, $1.1 million (3.47%); Whatcom Educational Bellingham, Wash., $9.9 million (3.21%); AM FCU, Rancho Dominguez, Calif., $824,000 (3.20%); Southern FCU, Houston, $761,000 (2.97%); Telcoe FCU, Little Rock, Ark., $4.1 million (2.95%); Consumers FCU, Brooklyn, N.Y., $959,000 (2.94%); and Qside FCU, Flushing, N.Y., $1.3 million, (2.87%).
