Performance reports

CAPITOLA, Calif. – Bay FCU, which reported a $3.5 million loss for 2008 last week, said yesterday it has reduced its workforce by 13%, about 30 employees, the latest casualties of the state’s growing credit union crisis.

SAN DIEGO – North Island Financial CU, coming off its worst year ever with a $50.2 million loss, announced yesterday its long-time president Michael Maslak has retired.

WASHINGTON – The large-scale losses among many of the nation’s biggest credit unions are prompting some in the credit union movement to renew calls for access to outside sources of capital.

SALT LAKE CITY – Beehive CU, which announced last week it was abandoning its bid to convert to a mutual savings bank, reported the decision was preceded by a $1.8 million loss for its fourth quarter, and a $1.5 million loss for the year.

SAN FRANCISCO – Giant Patelco CU, which is in the process of absorbing two large credit union failures, is the la test credit union in this troubled market to report large losses, reporting $40.2 million of red ink for 2008.

ALEXANDRIA, Va.-If there was any doubt before, it became official last week: credit unions, like banks, are experiencing their worst crisis ever.

ORLANDO, Fla. – A story in yesterday’s Credit Union Journal Daily Briefing incorrectly stated that CFE FCU lost $3.4 million. The loss should have been attributed to CFCU (Community First CU) of Florida. CFE FCU earned net income of $2.5 million for 2008.

SHOREVIEW, Minn. – Check-printer Deluxe Corp said yesterday that net income plunged 44% in its fourth quarter to $27.9 million, mostly because of lower revenues.

BROOMFIELD, Colo. – Community Financial CU yesterday introduced a "member bonus program" that will pay members a total of $250,000 later this month.

RALEIGH, N.C. – Coastal FCU, which reported an 84% decline in net income for 2008, announced yesterday it is closing four underperforming branches by the end of the first quarter.

SUNNYVALE, Calif. – Don’t tell the executives at Star One CU they’re in the midst of the worst financial crisis to hit the U.S. in decades–the $52.3 million net, more than four times last year’s $11.8 million net, belies that.

MANHATTAN BEACH, Calif. – The real estate bust may be in full-force here but new troubles are emerging in other areas, including auto and credit card loans.

RESTON, Va. – Student loan giant Sallie Mae said yesterday it lost $216 million in the fourth quarter, to record a $213 million loss for the year.

SAN BERNARDINO, Calif. – Even though the state’s recession has been going for as long as two years, some large credit unions that had been unscathed are starting to report big losses.

PHOENIX – Large credit unions are reporting losses–big losses–for the first time, as the recession spreads through Arizona’s credit unions.

TAMPA, Fla. – The recession isn’t expected to fade soon, at least not among executives at the dozens of area credit unions reporting large losses for the fourth quarter and all of fiscal 2008.

GRAND RAPIDS, Mich. – CU*Answers, a CUSO that provides a variety of technology and other solutions, said it is paying a $400,000 patronage dividend to its credit union owners, double last year’s payout.

NEW HARTFORD, N.Y. — GPO FCU paid its members a year-end dividend bonus and interest rebate.

PHOENIX – Some of the nation’s largest credit unions are reporting record losses this week, threatening the existence of some of them and posing the potential of big losses for the National CU Share Insurance Fund.

MIDLAND, Mich. – Dow Chemical Employees CU announced a $9 million special payment to its members, just as the $1.2 billion credit union was reporting one of its best years.