Performance reports

ALEXANDRIA, Va. – NCUA reported yesterday it approved the merger of ailing $80 million REALTORS FCU, billed as the nation’s first virtual credit union, into giant Northwest FCU, in nearby Herndon, Va. , one of several troubled credit unions to be merged out.

CFOs are being cautioned that their risk models may be underestimating a pending threat.

The cost-effectiveness of the traditional CU commitment to face-to-face service in the age of low-cost delivery channels is being questioned in a new report.

Star Choice Credit Union is working to discourage big deposit inflows by cutting off interest to large money market depositors.

With just 1,300 credit unions offering investment services to their members, Bill Handel believes too many CUs are missing out on an opportunity.

ALEXANDRIA, Va. – There have been eight credit union failures so far this year, ahead of last year’s pace when there were 16 failures for the whole year.

ALEXANDRIA, Va. – The NCUA Board approved new rules this morning requiring all credit unions to establish written policies on loan work-outs, also known as troubled debt restructurings, that will make it easier for credit union reporting and add some to the bottom line by potentially reducing the amount to be set aside for loan loss reserves.

Loan originations at credit unions hit the highest-ever volume recorded in Q1, according to analysis by Callahan & Associates and based on 7,000 credit unions' data.

A group of Wall Street banks and rating agencies told a federal court that "greed" and the need to grow earnings were responsible for the 2009 demise of the one-time $2.4-billion Eastern Financial Florida CU.

At NACUSO's recent Annual Conference, Credit Union Journal asked attendees what lessons their CUSOs learned from the recession.

WAUSAU, Wis. – NCUA this evening liquidated Wasau Postal Employees CU and assigned the remnants of the one-time $10 million credit union to nearby giant CoVantage CU.

The interest expense banks are paying for retail funds is now the lowest ever, according to analysis from Market Rates Insight.

Branchless-Realtors FCU, billed as the first virtual CU when it was chartered by the National Association of REALTORS three years ago, is throwing in the towel and plans to merge into Northwest FCU, the $2.2-billion CU in nearby Herndon, Va.

MIAMI – A group of Wall Street banks and rating agencies told a federal court here that “greed” and the need to grow earnings was responsible for the 2009 demise of Eastern Financial Florida CU, the one-time $2.4 billion credit union, not alleged fraud on their part in the sale of $100 million of risky financial derivatives known as collateralized debt obligations, or CDOs.

ROCKVILLE, Md. – Branchless-Realtors FCU, billed as the first virtual credit union when it was chartered by the National Association of REALTORS three years ago, is throwing in the towel and plans to merge into Northwest FCU, the $2.2 billion credit union in nearby Herndon, Va.

WASHINGTON – Consumer flight to credit unions has accelerated the past few months, with as many as 500,000 new members added to the membership roles in March, a record for a single month, according to CUNA.

Brian Turner has an admission: "everyone" thinks he's an "idiot," but he's not swayed when it comes to his opinion on interest rate risk.

Altura Credit Union has been a poster child for the troubles many CUs in California have faced in recent years, but with $7-million in first quarter net income the $708-million CU has joined a number of others in reporting stronger performance.

SAN ANTONIO – Check printer Harland Clarke Holdings reported a first-quarter loss of $22.9 million, compared with a profit of $23.4 million a year earlier, because of charges related to its parent company’s merger with MacAndrews & Forbes Holdings, the holding company for corporate financier Ronald Perelman.

As first quarter numbers trickle in, performance among credit unions in the Sand States is a mixed bag.