CDCUs Issue 2008 Financial Report
NEW YORK-The National Federation of Community Development Credit Unions has released its year-end 2008 financial report for 209 CDCUs. Among the findings:
* Economic issues led to the loss of 18 CDCUs during 2008 (9% of the Federation's total membership).
* Membership at CDCUs grew by 20,650 to 1,036,779, a 2% increase.
* Profitability, as measured by ROA, decreased from 1.01% to 0.06%.
* Net worth increased by $9 million or 2.13%. The net worth ratio decreased from 10.29% to 9.99%.
* Assets rose 5.2% to $4.53 billion.
* Loans increased 6.27%. Loans-to-assets increased from 76.98% to 77.75%.
* Delinquent loans as a percentage of total loans increased from 2.25% to 2.88%. The net charge-off rate increased from 0.76% to 1.20%.
* Operating Expenses were 5.16% of average assets (FICUs: 3.40%).
* Shares increased by $250 million or 6.58%.
Lentz Celebrates 30 Years At Cabrillo
SAN DIEGO-Cabrillo Credit Union CEO Robin Lentz is celebrating her 30th anniversary with the CU. Lentz joined Cabrillo in 1979 as the general manager, and since then, the CU has grown from $6 million in assets to over $190 million, and has received numerous marketing awards from local, regional and national credit union organizations, including NAFCU's Credit Union of the Year in 1998 and the Eternal Flame Award from the California CU League in 2002.
NCUF Sponsors Video Contest
WASHINGTON-The National CU Foundation, in partnership with leagues in states that have adopted the REAL Solutions program, is holding a contest for the video that best demonstrates how REAL Solutions works. CUs are asked to capture testimonials from members that show the impact of the program. The contest runs through Nov. 2. The Grand prize is a trip to Washington for the Wegner Awards Dinner for the league, the CU and the member featured in the video.
For info: www.ncuf.coop
Bank Eliminates Overdraft Fees
SYDNEY, Australia-At the same time financial institutions in the U.S. are under fire for overdraft fees, National Australia Bank has announced it will eliminate fees for overdrafts. The bank, which charged $30 for every overdraw, generated nearly $1 billion in fee income from overdrafts in 2008. Separately, in the U.S. last week, a USA Today report lumped credit unions in with payday lenders in a report critical of the overdraft fees credit unions charge.
