Performance reports

SUNNYVALE, Calif.-There are not many areas in the Golden State that have escaped a free fall in home prices and the resulting domino effect on consumers' wallets, but Rick Heldebrant says his credit union is "lucky" to be where it is.

MECKLENBURG, N.C. – Evangelical Christian CU, the California church lender, acquired another troubled church property, the Greater Salem Church, a a foreclosure auction Friday for $5.1 million.

REDWOOD CITY, Calif. – San Mateo CU acquired another branch on the peninsula with the acquisition of ailing Palo Alto Community FCU.

WASHINGTON – A federal judge this morning rejected a bid by Kappa Alpha Psi FCU to reverse NCUA’s liquidation of the African-American institution, saying the credit union regulator was within its right to shutter the tiny failure, the nation’s first Internet-only credit union, in August.

DEARBORN, Mich. – DFCU Financial, which has returned more than $90 million to members in special dividends over the past four years, announced plans this morning for another $19 million payout this year.

EVANSVILLE, In. – Centra CU, the mortgage holder on the old Riverhouse Hotel, bought back the troubled property Friday at a sheriff’s auction to protect its original investment.

YUMA, Ariz. – The FBI has launched a criminal probe of potential fraud involving member business loans that have driven AEA FCU to the verge of insolvency, sources confirmed to the Credit Union Journal.

SALT LAKE CITY – Beehive CU, the erstwhile convert to bank, has come under intense regulatory scrutiny in recent weeks after reporting a $5.8 million loss and the elimination of all of its net worth in the third quarter.

WASHINGTON – Regulators closed another four banks Friday, making a total of 143 bank failures so far in 2010 and exceeding last year’s total of 140.

ATLANTA – Payments processing giant First Data Corp. reported this morning that huge debt incurred from the 2007 buyout of the company by private equity firm Kohlberg Kravis Roberts & Co. continues to weigh heavily on its bottom line, creating a $431.3 million loss for its third quarter, even while revenues continued to rise, increasing a strong 8% in the period.

WALL STREET-Pent-up demand for new issuance made for strong investor demand for the newly issued NCUA Guaranteed Notes (NGNs), a debt offering that is part of the agency's plan to restructure the corporate credit union system.

SAN BERNARDINO, Calif.-Gregg Stockdale, CEO of the $35-million 1st Valley CU, contends small credit unions are "alive and well."

WASHINGTON-Credit unions are reporting that the growing costs of the corporate bailout and National CU Share Insurance Fund assessments are continuing to weigh heavily on their bottom lines, wiping out large portions of net income earned in the first three quarters of the year, and even threatening the recovery of several troubled institutions.

ALEXANDRIA, Va.-When asked for insights into its policies, procedures, and programs regarding small CUs, NCUA responded to Credit Union Journal by the book.

NEW YORK-The survival of many small credit unions may rest on examiners paying greater attention to supervisory letters and NCUA instituting a "moratorium" on forced mergers.

NEW YORK-Small credit unions have always faced profitability and growth challenges. But ongoing assessments and projected new compliance requirements have many sounding more pessimistic than in quite some time.

SPOKANE, Wash. – State regulators shuttered The Union CU Friday night and assigned the assets of the one-time $14 million credit union to giants Alaska USA FCU and Numerica CU.

Small credit unions have always faced profitability and growth challenges, and today that's being exacerbated by assessments and new compliance requirements. This special CU Journal series looks at the strategies small credit unions are using to rise to the occasion.

ALEXANDRIA, Va. – NCUA continues to shop for merger mates for two prominent credit unions taken over during the past year, California’s Arrowhead Central CU and Florida’s Keys FCU, even as the financial condition of both continued to deteriorate in the third quarter.

LAS VEGAS – The dire economy here – which is fueling the most bitterly fought Senate race – continues to hold down the state’s credit unions, most of which reported losses again for the third quarter.