Performance reports

EL SEGUNDO, Calif.-CU execs continue to map strategies for dealing with the ongoing special assessments from NCUA.

SAN FRANCISCO-When a disconnect exists between the credit union's financial results and individual employee performance, there's a greater chance the CU is headed for trouble.

ORLANDO-A credit union that has taken a sharp pencil to every expense, demanded more out of fewer-but higher paid-employees, and that reminds itself everyday of why it exists has turned itself into a peer group leader.

LAS VEGAS-There were many CU leaders here last week hoping what was discussed in Vegas won't stay in Vegas.

FORT COLLINS, Colo. – State regulators have assigned the operations of Norbel CU to Security Service FCU, the San Antonio credit union giant that has been expanding its Colorado market by acquiring troubled institutions.

TORONTO, Canada-With all the scrutiny being focused on American financial institutions and calls for increased government oversight, a Canadian credit union continued its commitment to public transparency.

RIVERSIDE, Calif.-The move by NCUA to take Arrowhead Credit Union into conservatorship on June 25 was surprising to many, but perhaps most startling to those running Altura CU, an $881-million institution that shares the "Inland Empire" region of Southern California with San Bernardino-based Arrowhead.

SAN BERNARDINO, Calif.-Arrowhead Credit Union, which had posted staggering losses of $29 million in 2008 and $47 million in 2009-the latter figure weighed down by $79 million in loan and lease loss provisions-managed to eke out a gain of $752,000 during Q4 2009, followed by net income of $2,591,932 in Q1 of this year.

KANSAS CITY, Mo.-Credit union CFOs around the country are anticipating the special assessment NCUA will charge later this year will be larger than the projection CUNA made in a recent analysis.

RALEIGH, N.C.-A credit union here that essentially operates within another CU continues to post robust numbers.

SAN BERNARDINO, Calif.-One expense line Arrowhead will be saving while under compensation appears to be board compensation. Government documents show Arrowhead paid its board members, which state-chartered CUs are permitted to do in California.

BALTIMORE – Municipal Employees CU, which paid its members $3.6 million last year in a semi-annual dividend, paid its members $2.1 million last week as part of planned $4.2 million payout for 2010.

SAN BERNARDINO, Calif.-In an unusual move, NCUA after seizing Arrowhead Central CU last week, put the top managers at the one-time $1.1-billion CU on paid administrative leave, even as the federal agency was dismissing the board and supervisory committee.

RANCHO CUCAMONGA, Calif.-NCUA's decision to place Arrowhead Credit Union into conservatorship was met with criticism from several people last week, including interim California/Nevada league President Dave Chatfield.

NEW YORK-Saying it was responding to the "extreme stress in the credit union community on the one hand, and the growing opportunities to access federal resources on the other," the National Federation of Community Development Credit Unions (Federation) is expanding its consulting and technical assistance services.

ST. GEORGE, Utah. – NCUA last night liquidated another credit union failure, the one-time $175 million Southwest Community FCU here, and assigned it to Chartway FCU, the Virginia Beach-based credit union giant that has been expanding its footprint across the country.

KEY WEST, Fla. – NCUA said today that ailing Keys FCU, the one-time $210 million credit union that has been operating under federal conservatorship since last September, is back on the market after a proposed deal to merge it into Miami’s Dade County FCU fell apart.

KINGSTON, N.Y.-Though he doesn't like it, Bill Spearman, president/CEO of Mid-Hudson Valley FCU here, is confident that his $2.5-billion institution will be able to pay the NCUA assessment without incident.

WINSTON-SALEM, N.C.-NCUA's $1 billion assessment to shore up the corporate credit union system shouldn't hurt the bottom line at Truliant FCU here.

WEST PALM BEACH, Fla.-Credit union CEOs and CFOs were prepared for the latest special assessment being levied by NCUA, but many are urging others to be prepared to pay similar assessments for years to come.