Performance reports

BOSTON – The Federal Home Loan Bank of Boston announced it will cease paying dividends after mounting unrealized losses on its mortgage backed holdings forced it to report a $73.2 million loss for 2008.

WASHINGTON – Operating as a ward of the federal government, Fannie Mae posted a massive $25.2 billion loss in the fourth quarter, blaming its abysmal performance on asset- and derivative-related writedowns.

HOUSTON – Cardtronics Inc., which has become the key ATM link for credit unions, reported yesterday its fourth quarter loss surged to $57.9 million, from a $7.4 million loss for the same period in 2007.

ALEXANDRIA, Va. – The nation’s credit unions reported a loss for the fourth quarter of 2008–a whopping $2 billion–the first quarterly loss ever for the industry,.

WASHINGTON – CUNA said yesterday the crashing stock markets slammed its investment portfolio last year to push the trade association deeper into the red, to the tune of $8 million.

WASHINGTON-President Barack Obama delivered a one-two punch last week with his signing of the economic stimulus package and unveiling his foreclosure prevention plan, both of which could be good news for credit unions.

ALEXANDRIA, Va.-It's been probably the worst 18-month period in credit union history, but don't expect things to get better anytime soon, that's according to Melinda Love, the new chief examiner for NCUA.

WASHINGTON-CUs' balance sheets are "much more solid than their competitors" and despite a huge jump in delinquencies and charge-offs are still on track to grow in 2009 according to Callahan's "First Look" at Q4 2008 and full-year numbers.

SAN LUIS OBISPO, Calif.-Help members when they need it, don't chase after money and love what you do-that's how one credit union is posting good numbers in a bad economy.

SAN DIMAS, Calif.– Financial Service Centers Cooperative said yesterday it will pay a $1.1-million patronage refund to credit unions participating in its shared branch network for transactions performed during 2008.

WHEELING, W.V. – NCUA on Friday liquidated $8 million Center Valley FCU, the second credit union failure of the year.

WEST ALLIS, Wis. – The proposed combination of Guardian CU and Prime Financial CU, which would have created the state’s 11th largest credit union, was called off Friday amid large losses reported by both Milwaukee-area credit unions.

PHOENIX – Arizona FCU, which reported a staggering $115.9 million loss last year, announced Friday it is closing four branches.

WAUSAU, Wis.-Marathon County Employees CU averages more than four services per member, which is the big reason it grew its assets by 11.5% in 2008 and capital by 14%.

LAKE MARY, Fla.-Times are tough, but that's all the more reason to attend Credit Union Journal's upcoming Grow Show, where a variety of proven growth strategies will be on tap.

Teresa Halleck, president and CEO

DUBLIN, Ohio-There is a small group of credit unions that won't take a direct hit from NCUA's proposed Corporate Stabilization Plan: privately insured credit unions.

WASHINGTON-State regulators are scrambling to learn more about NCUA's proposed Corporate Stabilization Plan to determine how it will impact the state-chartered CUs they regulate - and how the regulators will take that impact into consideration come examination time.

SALT LAKE CITY, Utah-Count Kris Mecham among those who support the concept of a plan to help corporates, but who also questions NCUA's current proposal.

AUSTIN, Texas-NCUA's corporate rescue may force credit unions to make some tough ALM choices this year. But one securities firm says that investing in longer-term instruments should not be one of those.