Corporate governance

Boston-based Industrial Credit Union is merging with Webster First FCU, here, with plans calling for the $171 million Industrial to operate as a division of the $665 million Webster.

May 16 was not only "Indian Day," a New York state holiday that celebrated the various Native American tribes across the Empire State, it was also the first day in existence for the Seneca Nation of Indians FCU.

MEMBERS Development Company said seven new credit unions have joined its roster.

WAYNESBORO, Va. — Two Virginia credit unions announced Wednesday that their merger was official.

Credit unions had the highest satisfaction score (91) of any type of institution, followed by community banks (86), large and midsize banks (79) and the four universal banks (72), according to the Consumer Banking Expectations Index.

As CU Direct's annual "Drive" conference gets underway Wednesday in Glitter Gulch, the company is looking to expand awareness of its new Advisory Services.

NCUA announced Friday it approved a federal charter for another credit union — the Seneca Nation of Indians FCU — which will serve members of the Seneca Nation Indian tribe in western New York state.

The Federal Accounting Standards Board (FASB) has indicated it plans to make changes to how financial institutions calculate allowances for loan loss reserves, moving from an incurred loss model to an expected loss model.

Just two days after Rick Menton became CEO of Cherokee Strip, all but one member of the loan department resigned. Yet just 18 months later, the $88 million CU boasts 100% loan growth, 10% membership growth and a positive ROA for the first time in five years at .88%.

Unemployment and gas prices are both down, and interest rates may soon be heading up — all of which spells good news for credit unions' bottom lines. That's the verdict from a number of CFOs and economists who spoke with Credit Union Journal and predicted that while sunnier times may be on the way, CUs can do more now to bolster the bottom line later.

WASHINGTON — The first quarter of 2015 might have been a weak one for overall GDP growth, but credit unions exhibited strength in a number of areas.

Global financial inclusion efforts have made big strides, but documentation requirements continue to hinder access to financial services, and women and the poor remain disproportionately underserved, according to the World Bank's annual study.

Credit union executives talk about where credit unions should be focusing their efforts to innovate.

Experts urge credit unions to keep an eye on four trends that could be disruptors or big opportunities at CO-OP's THINK15 conference that is aimed at promoting innovation in the credit union industry.

DUNEDIN, Fla. — Mark down Achieva CU as the latest credit union to buy a bank. The $1.1 billion credit union announced it has signed an agreement to acquire Calusa Bank, a Florida state-chartered bank with $165 million in assets.

WASHINGTON — Two credit unions – Security Service Federal Credit Union in San Antonio and Bethpage Federal Credit Union, Bethpage, N.Y. – made the cut for WalletHub's list of "2015's Best Bank Accounts for Small Businesses."

RIVERSIDE, Calif. — Altura Credit Union on Friday reported $2.34 million in net income for the first quarter — stretching its streak of consecutive quarters of positive earnings to 16.

It's not just about the new name and brand. Vibrant CU, previously named DHCU, has embarked on a full-scale culture change, as well, seeking to create an enhanced member experience that will lead to deeper relationships that are more profitable for the member and CU alike.

MADISON, Wis. — Filene Research Institute says it is seeking the "best and brightest minds" to participate in the latest incarnation of its i3innovation program.

Silver State Schools Credit Union Friday said its financial results for the quarter ending March 31 show "continued progress" as it reported net income of $2.88 million.