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%).
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3