Practice management

One year after hitting the 100-million member mark, savings at credit unions have surpassed $1 trillion for the first time in history.

Southland Savings Federal Credit Union, Buena Park, Calif., will merge into $935 million Financial Partners CU effective Monday, the two CUs said.

The members of $196 million Lake State Credit Union, Moose Lake, Minn., gave a green light to merge their CU into $429 million Members Cooperative Credit Union, here.

Boston-based Industrial Credit Union is merging with Webster First FCU, here, with plans calling for the $171 million Industrial to operate as a division of the $665 million Webster.

May 16 was not only "Indian Day," a New York state holiday that celebrated the various Native American tribes across the Empire State, it was also the first day in existence for the Seneca Nation of Indians FCU.

The $447 million-asset Inland Northwest said Russell Lee will take over as CEO on June 29.

MEMBERS Development Company said seven new credit unions have joined its roster.

Westbound Bank in Katy, Texas, has promoted Troy England, chief lending officer, to president.

WAYNESBORO, Va. — Two Virginia credit unions announced Wednesday that their merger was official.

Credit unions had the highest satisfaction score (91) of any type of institution, followed by community banks (86), large and midsize banks (79) and the four universal banks (72), according to the Consumer Banking Expectations Index.

As CU Direct's annual "Drive" conference gets underway Wednesday in Glitter Gulch, the company is looking to expand awareness of its new Advisory Services.

Shareholders of JPMorgan Chase voted in favor of Jamie Dimon keeping the chairman and chief executive roles. They likely fear Dimon would retire if stripped of one of the jobs.

Polonia Bancorp in Huntingdon Valley, Pa., has hired Joseph Svetik as its president and chief executive. Svetik recently served as a director of JTNB Bancorp and, before that, had been president and CEO of ESSA Bancorp.

NCUA announced Friday it approved a federal charter for another credit union — the Seneca Nation of Indians FCU — which will serve members of the Seneca Nation Indian tribe in western New York state.

The Federal Accounting Standards Board (FASB) has indicated it plans to make changes to how financial institutions calculate allowances for loan loss reserves, moving from an incurred loss model to an expected loss model.

Just two days after Rick Menton became CEO of Cherokee Strip, all but one member of the loan department resigned. Yet just 18 months later, the $88 million CU boasts 100% loan growth, 10% membership growth and a positive ROA for the first time in five years at .88%.

Unemployment and gas prices are both down, and interest rates may soon be heading up — all of which spells good news for credit unions' bottom lines. That's the verdict from a number of CFOs and economists who spoke with Credit Union Journal and predicted that while sunnier times may be on the way, CUs can do more now to bolster the bottom line later.

WASHINGTON — The first quarter of 2015 might have been a weak one for overall GDP growth, but credit unions exhibited strength in a number of areas.

Global financial inclusion efforts have made big strides, but documentation requirements continue to hinder access to financial services, and women and the poor remain disproportionately underserved, according to the World Bank's annual study.

Credit union executives talk about where credit unions should be focusing their efforts to innovate.