Performance reports

SACRAMENTO, Calif. – The Golden 1 CU said last week it has completed the merger of Steinbeck CU, one of two ailing credit unions being acquired by the $7 billion credit union.

SAN DIEGO – California Coast CU, which doubled in size with last year’s merger of First Future CU, is adding another $130 million with the acquisition of Financial 21 Community CU, pushing it close to $2 billion in assets. The combination of the three San Diego credit unions comes as the southern California real estate crash shows few signs of abating.

ALEXANDRIA, Va. — The NCUA taketh, and the NCUA giveth back: that's the story of the second quarter financials for credit unions, many of which are reversing millions of dollars in first quarter charges for the corporate credit union bailout which they took at the direction of NCUA, and reporting the gain as operating income.

MELBOURNE, Fla. — Space Coast Credit Union reported a strong second quarter, net income of almost $31 million, as it swallows Eastern Financial Florida Credit Union in the biggest credit union merger ever.

BALTIMORE – Municipal Employees CU paid its members the first half of its anticipated annual cash bonus of $4.2 million. Loan interest rebates and extraordinary dividends were deposited in members' accounts on June 30.

SACRAMENTO, Calif. – Regulators have stepped up their efforts to clean up the state’s troubled credit union landscape with approval to merge eleven more credit unions, most of them in money-losing positions.

ALEXANDRIA, Va. – NCUA said yesterday it approved another 21 mergers last month, ten of them involving credit unions over $400 million and six of them involving $1 billion institutions, continuing a trend of the largest credit unions gobbling the small and troubled ones.

WASHINGTON NATIONAL HARBOR, Md. – Pay raises were down for credit union CEOs this year, but still around 4%, even as credit unions reported their worst year ever in 2008.

MELBOURNE, Fla. – Space Coast CU reported a strong second quarter, net income of almost $31 million, as it swallows Eastern Financial Florida CU in the biggest credit union merger ever.

BIRMINGHAM, Ala. – New Hope Community Development FCU, a tiny credit union serving the impoverished west end of the city, was closed by NCUA yesterday.

RESTON, Va. – Troubled student loan giant Sallie Mae, which has been in and out of the red over the past two years, reported a second quarter loss yesterday of $123 million.

PASADENA, Calif. –Large credit unions in the Golden State continued to be battered in the second quarter by loan losses, the corporate credit union bailout and charges for their lost capital in WesCorp, according to data released by NCUA this week.

LAS VEGAS – Nevada’s credit unions continue to report big losses for the second quarter, as the state’s real estate crisis persists.

TAMPA, Fla. – Representatives of Suncoast Schools FCU yesterday disputed the assertion that low capital ratios at it and GTE FCU were part of the reason the two credit unions ended their plans for the industry’s biggest merger.

VIENNA, Va. – Navy FCU had another successful three months in the second quarter, reporting net income of $100 million–its best quarter ever–and asset growth of 3%, pushing the world’s largest credit union to $39.9 billion.

TAMPA, Fla. – Among the factors that killed the proposed combination of Suncoast Schools FCU and GTE FCU, the biggest credit union merger ever, are the effects of diminishing capital in the two troubled credit unions, sources indicate.

ALEXANDRIA, Va. – The NCUA taketh, and the NCUA giveth back: that’s the story of the second quarter financials for credit unions, many of which are reversing millions of dollars in first quarter charges for the corporate credit union bailout which they took at the direction of NCUA, and reporting the gain as operating income.

WYOMISSING, Penn. – Bellco FCU said it has agreed to merge with Berks Community FCU, an ailing credit union of similar size.

SYRACUSE, N.Y. – Fast-growing Empower FCU said Friday NCUA has approved its acquisition of Telco FCU, an undercapitalized $23 million credit union based in nearby Elmira.

PHOENIX-The economic downturn hit the Grand Canyon State hard, but credit unions here are crediting a simplified message to members and the media as the reason membership numbers continue to climb.