CUNA Returns To Profitability
WASHINGTON-CUNA said last week it returned to profitability in 2003, for the first time in three years. The credit union trade group reported net income of $269,000 last year, compared to a loss of $2.3 million the year before, and a loss of $1.1 million in 2001.
The major factors helping CUNA shed the red ink were the leasing of its old Washington offices, which had been vacant for two years and costing $1.2 million under a multi-year lease; and a $1.1 million, or 6%, rise in dues income. CUNA said it earned $44.8 million in income for 2003, up 5%, and spent $44.5 million in expenses, also up 5%.
Deere CUs Complete Merger
WATERLOO, Iowa-Deere Community Credit Union (DCCU) has completed its merger with John Deere Community Credit Union (JDCCU). "This is definitely a win-win situation for both credit unions and their members," says Jean Trainor, President/CEO of JDCCU.
"Our members will have access to two branches in Ankeny, and DCCU members will benefit from a greater offering of financial products and services," added Jean Traynor, president/ CEO of JDCCU. The credit union now serves 120,000 members through 16 branches.
FECU Makes Smart Choice
HOUSTON-The $260-million First Educators Credit Union is changing its name to Smart Financial Credit Union.
As its name implies, the credit union began its life serving an educational FOM, but has since grown to 82,000 members from not just the Houston-area educational community, but also more than 700 SEGs and residents of three communities. The credit union said it has seen a 32% increase in membership since 1998.
"The new name represents the credit union's continued focus to increase and expand membership among different audiences throughout the region," said CEO Gary Tuma.
Memphis Area Teachers Growing
MEMPHIS, Tenn.-Memphis Area Teachers' Credit Union has been approved by the State of Tennessee to add approximately 450,000 people to its eligible membership field.
"Our organization can now serve almost anyone in the Memphis area," said CEO Ray Algee. The $550-million credit union's FOM includes education-related workers in Tennessee, DeSoto and Marshall counties in Mississippi and Crittenden County, Ark., anyone who lives in five different zip codes, federal employees, members of the Hispanic Business Alliance, and more.