Performance reports

LAS VEGAS-In a town that prides itself on over-the-top promotion, a bland assessment of the local economy may turn out to be the best news in many months.

WASHINGTON-Costs to bail out the corporates and replenish the NCUSIF over the coming years will be below 2010 levels, and will result in assessments below what many credit unions are bracing for, according to Callahan & Associates.

CLEVELAND – In another of a growing number of disputes over participation lending, NCUA filed suit in federal court here yesterday contesting ownership of a $11 million participated loan that belonged to the year’s biggest credit union failure, St. Paul’s Croatian FCU, a one-time $250 million credit union shuttered in May.

BELOIT, Wis. – NCUA said First American CU, a one-time $160 million credit union here, was liquidated today, the 24th credit union failure of the year.

ALEXANDRIA, Va. – Loan delinquencies and charge-offs retreated a bit in the second quarter among credit unions but member bankruptcies soared to twice that in the first quarter, weighing down profitability and posing new challenges for the movement, NCUA reported this afternoon.

COMMERCE, Calif.-Nearly every CU in the U.S. has seen a decline in net worth. But the case of the former Certified FCU here may set the record for fastest decline ever.

SAN FRANCISCO-Despite Patelco Credit Union's turnaround from a $14.6-million loss in 2009 to $9.4 million in net income for the first quarter, Ken Burns is far from ready to declare victory over the recession.

WASHINGTON – Lawyers for Kappa Alpha Psi FCU insisted this morning they will continue to contest NCUA’s liquidation of their tiny credit union, even after NCUA has paid off all of its 1,341 members and is well on the way to completing the liquidation.

ALEXANDRIA, Va. – NCUA said it won’t wait for tomorrow’s court hearing on the liquidation of tiny Kappa Alpha Psi FCU and has gone ahead and liquidated the $750,000 credit union serving the national African-American fraternity.

CAPITOLA, Calif.-Bay Federal Credit Union is a stronger CU today than when it entered into the recession. That is the message from Carrie Birkhofer, CEO of the $601-million CU in this seaside town near Santa Cruz.

WASHINGTON-A six-year-old credit union that is the nation's first internet-only credit union asked a federal court here last week to stop NCUA from liquidating the institution, as assessments for the corporate bailout and several disputed charges erased all of its capital.

ROCKVILLE, Md.-Although it has been one of the fastest-growing start-up credit unions in history, REALTORS FCU has been forced to retool some strategies and make cuts to operational expenses with mid-year numbers showing it remains in the red.

RALEIGH, N.C. – Coastal FCU is rolling back the fees it charges members for over-drafting their accounts all the way to one cent–just as the new law requiring opt-in for all members is scheduled to take effect Sunday.

ALEXANDRIA, Va. – A federal court tomorrow will hear a plea by Kappa Alpha Psi FCU, the nation’s first online-only credit union, to block an August 3 liquidation order by NCUA.

SACRAMENTO, Calif.-Although there are positive stirrings in the economy, management at The Golden 1 CU is continuing to plot a conservative course through the icebergs-as evidenced by the dramatic funding of its Allowance For Loan Losses.

MADISON, Wis.-Loan balances, membership and credit quality all saw a boost in June but are flat or down compared to a year ago.

MADISON, Wis.-Base pay increases for credit unions employees are expected to remain below 3% through 2011, according to a report released by CUNA last week.

LOS ANGELES-CUs throughout the Golden State are reporting improved mid-year financials, even as NCUA's latest assessment for the corporate bailout weighs them down.

LAS VEGAS – In another sign of a potential turning of the economy, credit unions throughout Nevada, one of the worst-hit states in the recession, are starting to report better financials.

FRANKLIN, Tenn. – NCUA made public today a rare supervisory agreement with Veritas FCU, a one-time $50 million credit union that has been losing money and “may be in serious jeopardy”.