SSCU Reports Profitable Q3
LAS VEGAS-Silver State Schools CU reported its sixth straight quarterly profit, but the one-time $1 billion institution, one of the biggest privately insured credit unions, still has a huge hole to fill from losses racked up during the state's financial crisis.
Silver State continued to see its assets erode in the third quarter, to $638.4 million from $654.5 million at mid-year, but reported a $2.2 million third quarter net and $10.9 million net for the first nine months of the year, $5 million of it from an undisclosed third quarter non-operating gain. That compares with a net loss of $1.6 million for the first nine months of 2012.
The earnings have helped Silver State, at one time Nevada's biggest credit union, add to its net worth, which is now $31.7 million. Most of that, however, is the almost $27 million in emergency financial assistance provided by its deposit insurer, ASI Inc., which the credit union is allowed to count as "regulatory capital." In addition, Silver State still had $62.1 million of negative undivided earnings at Sept. 30, according to its third quarter Call Report.
Silver State reported more than $80 million of losses from 2009 to 2011, necessitating a supervisory agreement with state regulators and the infusion of capital from ASI.
DFCU Announces Record $23M Payout
DEARBORN, Mich.-DFCU Financial, the one-time Ford workers credit union, announced last week a $23 million bonus dividend-the biggest ever by a credit union-will be paid to members at year-end.
This year's payout, up from last year's $21.9-million record, will go to 100,000 members of the state's biggest credit union. "The economy may have struggled but we have been able to give a larger sum of cash back to our members every year," said Mark Shobe, president of the $3.5 billion-asset CU.
The payout to each member will be determined by their depth of their relationship to the credit union, considering loans and saving accounts.
Longtime CEO At University CU Retires
LOS ANGELES-University CU said Charles Bumbarger, its president and CEO for 37 years, is retiring from the $480 million credit union Dec. 31.
Bumbarger joined the UCLA credit union in 1976 when it had just $8 million in assets and seven employees. Now it has 95 full-time employees and serves more than 33,000 members.
The board of directors is conducting a nationwide search for a successor.
Southeastern FCU Taps Gudely as CEO
VALDOSTA, Ga.-Southeastern FCU announced E. Michael Gudely has been selected to be its new president and CEO.
Gudely will take the reins on Nov. 4 and succeeds Darryl Wood, the CU's vice president of lending, who served as interim president after Delbert Morgan resigned. Morgan left Southeastern to take the top spot at Martinsville DuPont CU in Martinsville, Va.
Gudely previously served as CEO of Fort Mill, S.C.-based Innovative Business Solutions LLC, a member business lending CUSO and before that was CEO of Carolina Commerce Bank, Gaston County, N.C.
NCUF Grants $208K To Members
MADISON, Wis.-The National CU Foundation reported it has distributed more than $208,000 in grants to 248 credit union members in Colorado affected by recent flooding.
NCUF has been raising the funds via its CUAid.coop initiative and is working with the Mountain West Credit Union Foundation and local credit unions to help identify members in need of assistance.
NCUF said contributions are still needed as more grant applications by credit union members in Colorado are expected. Credit union supporters in every state can still make donations at cuaid.coop.
Navy Reports Strong 3Q Financials
VIENNA, Va.-Navy FCU reported it added another 234,000 new members in the third quarter and 445,000 new members over the past 12 months-for a total of 4.6 million.
The additional members helped pushed Navy Fed's assets over the $55 billion mark for the first time and helped it earn $560.8 million in net income for the first three quarters, virtually the same as last year-for a 1.35% annualized return-on-assets.
The CU increased its total loan portfolio by 16% from a year ago to $38.3 billion, even while loans granted year-to-date are down almost 14% to $18.7 billion. As a result of the larger portfolio loan income was up 8% from a year ago to almost $1.8 billion for the first nine months of 2013.
The rapidly growing credit union giant has opened six branches so far this year and plans to add six more to its worldwide network of 235 as it is also expanding its huge call center in Pensacola, Fla.
As a result, it has added 1,243 full-time employees so far in 2013 and 1,540 employees over the past 12 months, for a total of 9,603 full-time and 1,057 part-time workers.
Iowa League Marks 100% Affiliation
DES MOINES, Iowa-The Iowa Credit Union League reported it has reached 100% membership affiliation with the state's 116 credit unions after the $120 million First FCU, Cedar Rapids, recently re-affiliated with the league and CUNA.
The 7,890-member First Federal Credit Union is the only federal charter in the state, the league noted.
NAFCU's Lobbyists Lauded by The Hill
WASHINGTON-NAFCU CEO Dan Berger and VP-Legislative Affairs were recognized among the top lobbyists by a Capitol Hill publication. It is the 11th year that Berger was named The Hill's top association lobbyists of the year rankings and the 6th year for Brad Thaler.
