Performance reports

BIRMINGHAM, Ala. — The economy will continue to raise concerns about branch profitability throughout 2009, according to one consultant who has been finding ways for CUs to address the issue.

Credit Union Journal asked CU industry suppliers and analysts about what they are forecasting for the second half of this year.

MONTROSE, Colo. — Being a member of Nuvista FCU is such a good deal, a number of big bank employees have joined the CU-and have even recommended CU membership to some of their bank customers.

RIVERWOODS, Ill. – Discover Financial Services yesterday reported a second quarter net of $209.2 million, made possible only because of $473 million payments form Visa and MasterCard as part of last year’s $2.75 billion settlement in the antitrust case brought against the two card giants.

WEST ALLIS, Wis. – NCUA said yesterday it is looking for merger mates for two ailing state chartered credit unions, Allco CU and First Security CU in Elm Grove.

APPLE VALLEY, Calif. – Alaska USA FCU became the latest credit union giant to enter the California market with an acquisition of a troubld credit union, High Desert FCU, a one-time $190 million credit union that was taken over by NCUA in October.

ALEXANDRIA, Va. – NCUA officials acknowledged yesterday the $5.9 billion bailout of corporate credit unions will not be the last hit for credit unions this year.

DENVER – State regulators have issued cease and desist orders against two ailing state chartered credit unions, Longs Peak CU and Saguache County CU.

PITTSBURGH – The Federal Home Loan Bank of Pittsburgh on Friday announced a loss of $23.6 million for the first quarter, as it continues to struggle under the weight of private-label mortgage-backed securities.

SACRAMENTO – State regulators said two more troubled credit unions, American River HealthPro CU and Alisos CU, are to be merged out.

CARSON CITY, Nev. – Greater Nevada CU, weighed down by an $8 million 2008 loss followed by a $4 million loss for the first quarter, announced Friday it is shuttering two branches and laying off 27 employees.

LAS VEGAS — For credit unions in the so-called "sand states" — Nevada, Arizona, California and Florida — their financial foundations are much like a sandcastle lapped by an approaching surf.

LAS VEGAS — The tumbling economy smacked Glitter Gulch with a multi-pronged assault, but $162-million Community One FCU continues to serve its 21,500 members as best it can despite slipping into undercapitalized status.

VICTORVILLE, Calif. — As The Members' Own FCU continues to make itself available on the credit union singles (merger) market, management is fighting to get out from under the weight of bad mortgage loans.

MADISON, Wis. — Recently announced staff reductions at CUNA Mutual Group are not an indication it's on the same path followed earlier by some troubled corporate credit unions, its chief executive says.

OGDEN, Utah — The management philosophy of "doing everything that is best for the members" is not unusual within credit unions.

LAS VEGAS — For credit unions in the so-called "sand states" — Nevada, Arizona, California and Florida — their financial foundations are much like a sandcastle lapped by an approaching surf.

MESA, Ariz. – MariSol FCU said it has agreed to acquire Chicanos Por La Causa FCU, a troubled Phoenix credit union it has been managing since last July.

WASHINGTON – Congressional credit union champion Paul Kanjorski questioned the fairness of the corporate credit union bailout that spares more than 200 privately insured credit unions from paying a share of the $6 billion bill.

WINSTON-SALEM, N.C. – An item in yesterday’s CU Journal Daily Briefing about Allegacy FCU closing a branch incorrectly stated the credit union lost $1 million in the first quarter. It reported a $1 million net for the period.