Stock Sales Propel Bay StateCU
LYNN, Mass. - (08/26/04) -- Windfall profits of $2.9 millionthis year on the sale of bank stocks--permissible holdings understate regulations--helped make Brotherhood CU the most profitablecredit union in the nation in the second quarter. The $107 millioncredit union earned $2.7 million on the sale of investments in thesecond quarter and reported a total of $3.4 million in net incomefor the period. That gave the credit union an averagereturn-on-assets (ROA) of 6.27% for the second quarter, the bestamong credit unions over $25 million in assets, according toCallahan & 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., $2.6million (3.64%); Security First FCU, San Antonio, Texas, $2.3million (3.23%); Communitywide FCU, South Bend, Ind., $2.6 millionnet (3.22%); Great Lakes CU, Toledo, Ohio, $372,000 net (2.90%);United FCU, Buchanan, Mich., $2.6 million net (2.86%); PioneerMuslim CU of Houston, Houston, Texas, $470,000 (2.84%); andDelaware FCU, Wilmington, Del., $1.8 million (2.81%).