ARLINGTON, Va. -- With tongue in cheek, NAFCU President/CEO Fred Becker sent a letter to the heads of the national banking trade associations congratulating their banker members on record profits in 2006. Becker noted the FDIC's recent report that banks experienced record earnings at $145.7 billion for fiscal year 2006, the sixth consecutive year the industry has broken the previous year's earnings. All this success "despite an environment that includes a slowing economy and an inverted yield curve that has put the squeeze on financial institutions," he added. The FDIC also said that if mergers were taken into consideration in 2005 and 2006, year-to-year profit growth would come to 9.6%.
"My hat goes off to you and the entire banking industry for your continued success, even in an environment that would otherwise suggest slower earnings growth. We wish you continued success in the future," he wrote--and signed "Sincerely."