Performance reports

SMITHFIELD, R.I. – Navigant CU announced this afternoon it merging Columbus CU, a $68 million in nearby Warren, R.I., with two branches.

BALTIMORE-- MECU of Baltimore paid its members a $2 million cash bonus last week, the first of two installments on its annual $4 million member payout.

The Money Anxiety Index, which measures the level of consumers' financial worry and stress based on economic indicators, rose in July, possibly indicating a second recession.

Some 196 million people around the world now belong to credit unions, according to new data for year-end 2011.

MOUNTLAKE TERRACE, Wash. – 1st Security Bank of Washington, a troubled former credit union known until 2004 as Washington’s CU, announced this afternoon it raised $32.4 million with an initial public offering, the latest credit union-convert to go public.

BOSTON – State regulators this afternoon approved the merger of Massachusetts State Employees CU, a troubled one-time $77 million credit union, into giant Metro CU in adjacent Chelsea, Mass.

Lending at credit unions continued a brisk pace during May, according to one new analysis that suggests lending will remain strong.

Melrose Credit Union in Briarwood, N.Y. is the nation's top performing credit union, according to a new ranking from SNL Financial.

The Glatt Consulting Credit Union Industry HealthScore, which ranks credit unions on a five-point scale, found the score for the first quarter of 2012 improved 9.7% from Q4 2011 and 3.19% from Q2 2011.

Credit Union Journal asked attendees of CUNA's recent America's Credit Union Conference what major initiatives their credit unions would be launching in the second half of 2012.

BREMERTON, Wash. – Kitsap CU will pick up two new branches with a deal to acquire Quimper Community FCU, a $47 million credit union in nearby Port Townsend.

OVERTON, Nev. – Utah’s America First CU said it has been approved to acquire Moapa Valley CU, a one-time $76 million credit union with less than 3% net worth and $1.6 million of losses for the first quarter of 2012.

RIVERWOODS, Ill. – Discover Financial Services, the third biggest credit card brand, said net income for its second quarter ended May 31 declined 10% to $537 million as the parent of PULSE EFT network set aside more reserves and expressed growing concern about Visa’s pricing actions.

While credit unions in the ultra-competitive San Diego market struggle with their own competitive challenges, banks elsewhere across the country are struggling with their own challenges.

What caused GTE FCU to slip into a financial tailspin and lose $74.7 million from 2008 through 2010 and how they worked diligently to overcome in the last few years to return to profitability.

The San Diego Metropolitan Credit Union created a special loan product called the "1010 loan"-a nod to the police code for "be ready." It is a bridge loan that helps new officers purchase their uniforms, gun and other equipment until they are reimbursed.

Marla Shepard saw the future back in 2008, when, fittingly, she was president and CEO of the then $944-million First Future Credit Union-the need to bulk up to better compete with the big banks.

The $2.2-billion Mission Federal Credit Union may have transitioned to a community charter, but it hasn't strayed from its roots.

Of Navy Federal Credit Union's 220 branches worldwide, 15 are in San Diego County and more are planned.

John Tippets helps turn around the fortunes of North Island Credit Union, dubbed "The Island".