The Top 10 Most Profitable CUs For 2002

Progressive Credit Union, the New York-based credit union specializing in loans to taxi cab owners, remained atop the list of most profitable credit unions last year for the second year in a row.

Progressive, which grew to $249 million in assets last year, reported net income of $10.8 million for 2002 and a return-on-average assets (ROA) of 4.54%, according to Callahan & Associates.

The rest of the top 10 most profitable credit unions over $25 million in assets by ROA were: Hoboken School Employees, Hoboken, N.J. , $915,000 (3.35%); Polam FCU, Los Angeles, $1.1 million (3.20%); Pioneer Muslim CU of Houston, $839,000 (3.12%); Aliant Employees CU, Lincoln, Neb., $1.4 million (3.00%); Florida Commerce CU, Tallahassee, Fla., $4.7 million (2.86%); Gulf Coast Eductaors FCU, Pasadena, Texas, $5 million (2.81%); Food Processors CU, Los Angeles, $933,000 (2.77%); Southern FCU, Houston, $621,000 (2.68%); and High Desert FCU, Apple Valley, Calif., $2.2 million, (2.67%).