Performance reports

WASHINGTON – Senate Banking Committee Chairman Christopher Dodd said last week he is drafting a bill that will set new limits on overdraft protection programs that are lucrative for credit unions and banks.

WASHINGTON – The FDIC on Friday seized the two banking subsidiaries of Irwin Financial Corp., the Columbus , Ind. holding company that once operated more than 75 mortgage subsidiaries inside of credit unions.

ALEXANDRIA, Va. – NCUA continues to look to the nation’s largest credit unions to resolve the growing number of troubled institutions, approving several more mergers into credit union giants, the agency reported Friday.

ORLANDO, Fla. — A group of borrowers from all over the country filed suit in federal court last week claiming a massive membership fraud at Huron River Area CU, the Michigan credit union that financed speculative real estate deals in south Florida that helped cause the failure of that and two other CUs.

MADISON, Wis. — Sixty percent of credit unions have indicated in a new study that they expect to be in merger talks over the next two years.

HIGHLANDS RANCH, Colo. — About two years ago CEO Pat Ahern asked his credit union's board if they could live with the possibility that 73% of the membership might walk out the door with $13 million in assets.

ANCHORAGE, Alaska – Alaska USA FCU said it has completed the acquisition of High Desert FCU, the one-time $190 million credit union based in Apple Valley, California, one of the biggest credit union failures in several years.

JEFFERSON CITY, Mo. – State regulators have approved the emergency merger of Spirit of St. Louis CU, a one-time $75 million credit union based in Eureka, into Vantage CU, the $600 million Bridgeton credit union.

GREEN BAY, Wis. – State chartered credit unions appear to have won an important victory in their decades-old fight with the Internal Revenue Service over the unrelated business income tax, when the IRS failed to appeal a May ruling in federal court striking down a UBIT assessment against Community First CU here.

MOUNTAIN VIEW, Calif. – Intuit Inc. announced yesterday it has agreed to acquire privately held Mint.com, a provider of online personal finance services, for $170 million in cash.

ORLANDO, Fla. – A group of borrowers from all over the country filed suit in federal court last week claiming a massive membership fraud at Huron River Area CU, the Michigan credit union that financed speculative real estate deals in south Florida that helped cause the failure of that and two other credit unions.

TAMPA, Fla. – GTE FCU, which has been trimming expenses to cope with the region’s economic downturn, said it is permanently closing it City Hall branch.

LANSING, Mich. – State regulators reported Friday they have approved three more credit union mergers, including one of a troubled automotive parts credit union.

WASHINGTON – Bank regulators shut three more banks Friday, including $7 billion Corus Bank, the Chicago-based lender to condominium development developments in the so-called Sand states.

RIVERSIDE, Calif. — Sudden losses from its indirect loan program combined with expenses related to the NCUSIF stabilization have led regulators to merge Service Plus CU into the $8-billion SchoolsFirst FCU.

FOREST GROVE, Ore. — Despite all of the talk and focus on mergers within the credit union community, 2009 is shaping up to be the fourth straight year in which the number of CU mergers actually declined.

IRVINE, Calif. — The marketing advantage credit unions have enjoyed over banks during the recession could be slipping away.

TOOELE, Utah – HeritageWest CU announced the departure of its long-time CEO Steve Christensen and the promotion of Bruce Bryan, its chief operating officer, as his successor as president and CEO of the $300 million credit union.

SACRAMENTO – State regulators said they have received applications for two more credit union mergers, and have approved the merger of troubled Service Plus CU into SchoolsFirst FCU.

JACKSONVILLE, Fla. – Fidelity National Information Services said regulators have given it clearance to acquire Matavante Corp., combining the two key back-office service providers for credit unions and banks in a $3 billion stock-swap.