Industry's Net Worth Up Just A Bit
ALEXANDRIA, Va. -Credit unions nationally closed out the first three quarters of 2010 with aggregate net worth up a bit to just less than 10% of total assets. In addition, more than 94% of federally insured credit unions met the standard for the definition of being "well capitalized, meaning a net worth ratio of 7% or greater," according to NCUA. The industry average ROA as 45 BPs. In a letter to CUs the agency cautioned that member bankruptcies remain a threat to health of the industry.
Earl Named As Interim CEO Of Leagues
DENVER, Colo.-- As the CU Association of Colorado and the CU Association of Wyoming continue working towards a merger with the Arizona league, the associations announced that ACUL CEO Scott Earl will become acting president for all the organizations, effective Jan. 1.
Four More CUs Pay Year-End Bonuses
HERNDON, Va.--Northwest FCU here is paying a "loyalty bonus" to members of $4 million. In Syracuse, N.Y., Empower FCU is paying $2.5 million in "give-back" bonus dividends. In Antigo, Wis., CoVantage CU has paid its members a $1.5 million patronage dividend, while in Jay, Maine, Otis FCU paid $350,000 in loan rebate and bonus dividends to end 2010.
Rector Announces Plans To Retire
TULSA - Leslie W. Rector announced will retire in September after 26 years with TTCU The Credit Union, the last 15 as CEO. During his tenure Mr. Rector has overseen growth to $979-million from $155-million.
CU Hits Target, CEO Shaves Head
DALLAS-Jim Brisendine, CEO of Resource One CU here, is missing his hair after the credit union met an ambitious loan goal. ROCU had set a goal of booking $3 million in new loans during a promotion, but netted nearly $4 million during the campaign. Brisendine had promised he would shave his head if the goal was met or exceeded. Brisendine's hair was cut off by several loan officers who took turns with the shears.
DPL Is Now Community Powered
NEWARK, Del. - DPL Federal Credit Union has changed its name to Community Powered FCU. The new name is a nod to its founding when it was chartered to serve Delmarva Power & Light. The credit union has expanded its charter to New Castle (Del.) County.
WestStar Staging Gaming Job Fair
LAS VEGAS-- WestStar Credit Union, which serves gaming employees here, is hosting the "Find a Job in Gaming" job fair here this week at which it said several-thousand potential job openings will be available. Members of the CU will be able to enter the job fair one hour ahead of non-members.
Affinity CU, KVCCU, In Merger
PONTIAC, Mich.-The $106-million Affinity Group CU here is absorbing the $26-million-million Kensington Valley Community CU via merger. The combined CU will have 20,000 members.
Ross Named To NASCUS Board
ARLINGTON, Va.-Ken Ross, commissioner of the Michigan Office of Financial and Insurance Regulation, has been appointed to the NASCUS board to fill the unexpired term of Roger Little, also of Michigan, who has retired.
Meeting Focus On Cyber Threats
ARLINGTON, Va.-Safeguarding against financial fraud and cyber threats is the focus at NAFCU's 2011 Technology & Security Conference, Feb. 15-17 at the MGM Grand in Las Vegas. "As financial and cyber crimes become increasingly sophisticated, it is essential that credit unions be up-to-date on methods of attack and ways to heighten their defenses," said NAFCU CEO Fred Becker.
9 Iowans Join Women's Network
DES MOINES, Iowa--Nine executives from the Iowa Credit Union League and its affiliated organizations have enrolled into the Global Women's Leadership Network (GWLN), an international education and advocacy group created by the World Council of Credit Unions (WOCCU).
"An essential aspect to leadership development is continuing education and awareness, and for credit unions that takes on a worldwide scope," said Patrick S. Jury, President and CEO of the Iowa Credit Union League. "As members of the GWLN, our enrollees will have the opportunity to collaborate, learn, and share solutions with other credit union leaders both in the U.S. and across the globe."
For info: www.woccu.org.
Sign Ups Surge For Blog
ARLINGTON, Va.-NAFCU reported its Compliance Blog has not topped 2,700 subscribers. The blog, which is free to NAFCU members and nonmembers, allows users to subscribe to the blog to receive its content through a daily e-mail or an RSS feed system.
For info: www.nafcucomplianceblog.org.