CUs Measure 3Q Success
WASHINGTON-Allegheny County Pennsylvania U.S. Government Employees FCU, which reported a one-time non-operating gain of $908,770 in the third quarter, was the most profitable credit union in the country during the period.
The $101-million, Pittsburgh-based credit union reported $1.3 million in net income during the period for a return-on-average assets (ROA) of 5.15%.
Data compiled by Callahan & Associates shows the rest of the top 10 most profitable for the third quarter were: Lapeer County Community FCU, Lapeer, Mich., with net income of $792,415 and an ROA of 5.02%; Vantage FCU, Brook Park, Mo., $734,467 (including $680,483 non-operating), 4.90%; Central Communications CU, Kansas City, Mo., $498,790 (including $464,451 non-operating), 4.54%; Ball State FCU, Muncie, Ind., $771,380, 4.21%; Cardinal Community FCU, Mentor, Ohio, $660,933, 4.17%; Progressive CU, New York City, $2.6 million, 4.04%; WYHY FCU, Cheyenne, Wyo., $938,604, 3.97%; ORNL FCU, Oak Ridge, Tenn., $7 million, (including $4.4 million non-operating), 3.94%; and United Services of America FCU, San Diego, $5.8 million (including $2.9 million non-operating), 3.82%.
Waiter Charged With Robbery
CONWAY, N.H.-Local police arrived at a restaurant next to their annual Christmas party a half-hour early but it wasn't to help prepare for the annual festivities-but to arrest the waiter for last month's hold-up at Gardiner FCU in Maine. Michael Mahone, 26, seated the officers then made for the back door, but was grabbed in the kitchen, while a team of officers waited out back just in case he made a run for it.
Police were tipped off that Mahone was driving a stolen vehicle and made the identification as the suspect in the Maine robbery.
CACU To Open In-Store Branches
KANSAS CITY, Mo.-CommunityAmerica CU said it has signed with local supermarket chain Hy-Vee Inc. to open in-store branches. The first branch will open Jan. 13 in North Kansas City, and the second will open in Independence next spring. The agreement is for three years.
CEFCU Members Get Bonus Payout
PEORIA, Ill.-The board of CEFCU has approved a $4-million "extraordinary" dividend to members and borrowers of the $2.6- billion credit union.
The payout, deposited in members' accounts last week, was split down the middle-$2 million for savers and $2 million for borrowers.
The amount each member received was based on the member's loan and/or savings activity during the first 11 months of the year.
This year's special dividend is the credit union's first since 2000 when it also paid out $4 million.
Shared Branch Network Expands
SAN DIMAS, Calif.-Financial Service Centers Cooperative, Inc. said it opened 196 new shared credit union branches this year in 14 states, just the beginning of plans to open as many as 1,500 new outlets over the next five years.
The nation's largest shared branching network opened new facilities in 2003 in Arizona, Arkansas, Alaska, California, Hawaii, Illinois, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Texas, Washington, and Germany and now claims more than 1,200 outlets.
The credit union cooperative is expected to announce a $1-million patronage dividend to member credit unions next month.
ShareBuilder Signs Two CUs
BELLEVUE, Wash.-ShareBuilder Securities Corp., which provides automatic purchase services for portions of stock shares, said it has signed two more credit unions and one converting credit union for its services.
They are School Employees CU of Washington, Seattle, and Nationwide FCU, Columbus, Ohio, and Columbia Bank, which is in the process of converting from Columbia CU.
ShareBuilder claims relationships with more than 150 financial institutions, including 18 of the 30 largest credit unions.
