Converting Credit Unions Still Raising Capital
WASHINGTON - The $1.4 billion Community Credit Union and $1.2 billion OmniAmerican Credit Union both increased their capital over the last 12 months ending in June, according to Callahan and Associates. Community increased its capital by 5.5% over the time period and OmniAmerican increased its capital by 7.6% over the same period. Both credit unions spent a good deal more money for professional and outside services thanks to their conversion attempts, the consulting firm reported. OmniAmerican saw its costs jump 38.4% and Community saw its rise by 23%. By comparison, other Texas credit unions increased their professional and outside services expenses by 10.0%. In the first six months of 2005, OmniAmerican spent $6.53 per member on these services while Community spent $1.26.