Content classifications

PHOENIX — Like the CEOs of the other big problem credit unions, Arizona FCU's Ron Westad has a dilemma: should he continue to reduce his size to improve his net worth ratio but also hurt his CU's chances to take full advantage of a rebound when it comes?

TAMPA, Fla. — Credit unions in this hard-hit center of Florida's Gulf Coast are slashing dividend rates, shuttering branches and raising loan rates conserve capital and to stay afloat in one of the worst economies in the country.

CHILLICOTHE, Ohio – Homeland CU said it will pay its members $1 million in a special dividend and interest rebate.

BALTIMORE – MECU of Baltimore, which pays a special dividend twice a year, said last week it will pay this season’s $1.4 million payment 30 days early to help members in their holiday shopping.

BOSTON – Federal Home Loan Banks in Boston, Seattle and San Francisco announced big third quarter losses last week, based on write-downs of their private-label mortgage-backed securities holdings, in a similar way that corporate credit unions weighed down by MBS are reporting large losses.

ALBANY, N.Y. – Federally chartered credit unions–more than 95% of the state’s 400 credit unions– are exempt from a new commuter tax assessed employers in New York City and seven surrounding counties, the state’s Tax Department ruled last week.

WASHINGTON – The FDIC Friday shut California National Bank of Los Angeles and eight smaller related banks in California, Illinois, Texas and Arizona, making a total of 115 bank failures so far in 2009.U.S. Bank of Minneapolis agreed to assume the deposits and most of the assets of the banks. The banks had combined assets of $19.4 billion and deposits of $15.4 billion at the end of September, the FDIC said.

PITTSBURGH – The Federal Home Loan Bank of Pittsburgh reported a $40.4 million third quarter loss yesterday due to write-downs on its mortgage-backed securities.

CHICAGO – The Federal Home Loan Bank of Chicago yesterday said it expects to record a loss of $150 million for the third quarter, due to write-downs on its private-label mortgage-backed securities.

DALLAS – Zix Corp., maker of popular e-mail encryption software, yesterday reported a third quarter loss of $657,000, down from a loss of $1.5 million for the same period last year.

HOUSTON – Cardtronics, operator of the nation’s biggest fleet of ATMs and a key partner of credit unions, yesterday reported third quarter net income of $6.4 million, up from a loss of $4.4 million for the same period last year, as its cost of revenues was down significantly from last year.

PHOENIX – As with the CEOs of other problem credit unions, Arizona FCU’s Ron Westad has a dilemma – should he continue to reduce his size to improve his net worth ratio, which might hurt his credit union’s chances to take full advantage of an economic rebound when it comes?

SAN FRANCISCO – Visa Inc. yesterday reported net income for its fiscal fourth quarter of $514 million, compared to a loss of $365 million for last year’s fourth quarter – when the cards giant made a large payment on an antitrust settlement.

BROOKFIELD, Wis. – Fiserv yesterday said net income for its third quarter rose 47% to $115 million, based on greater cost efficiencies and a 7% decline in expenses, even as revenues declined by 4%.

DULUTH, Ga. – ATM manufacturer NCR Corp. said it plans to cut up to 10% of its workforce – as many as 2,000 employees – to reduce costs after reporting its third-quarter profit tumbled 81%.

TAMPA, Fla. – Credit unions in this hard-hit center of Florida’s Gulf Coast are slashing dividend rates, shuttering branches and raising loan rates conserve capital and to stay afloat in one of the worst economies in the country.

LAS VEGAS — With capital on the meeting's agenda here during the recent Directors' Convention, Credit Union Journal asked attendees how their own CU's capital is surviving the current economy?

SAN BERNARDINO, Calif. — When third quarter financials are finalized, the numbers for Arrowhead Credit Union will be "pretty rugged," thanks to a substantial increase in provision for loan losses in August.

ALEXANDRIA, Va. — NCUA last week predicted more losses for both corporate and natural-person credit unions, meaning additional charges are ahead to replenish reserves for the National CU Share Insurance Fund.

ST. PAUL, Minn. – Deluxe Corp. reported a doubling in third quarter net income to $28.6 million amid a restructuring, even as sales from its core check business continued to slide.