X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

<p>OVERLAND PARK, Kansas – U.S. Central’s net income totaled $18.9 million for first quarter 2002, up from $10.6 million during the same period last year. “While liquidity isn’t building at the rate it was a year ago, it isn’t lessening either,” said U.S. Central President/CEO Dan Kampen. U.S. Central’s primary capital (reserves, undivided earnings and paid-in capital) totaled $740.3 million as of March 31, 2002, compared with $696.7 at the end of March 31, 2001. Its regulatory capital ratio was 5.9%. One first quarter highlight for the corporates’ corporate was an asset high of $37.7 billion hit on March 1. U.S. Central ended the quarter at $35.8 billion in assets and $30.8 billion in members’ share and certificate accounts. In other results, fee income for the quarter was $3.7 million, up from $3.3 million last year; operating expenses were $10.9 million, compared with $10.6 million in 2001; travel expenses increased by $300,000 over last year; salaries and benefits increased by $200,000; number of full-time employees increased from 229 to 231; APEX-ACH transactions totaled 8.1 million; U.S. Central recorded net gains on financial instruments of $1.8 million, compared with net losses of $4.1 million last year; and income from e-commerce services jumped by $300,000. U.S. Central’s balance sheet is highly liquid. As of March 31, 2002 it held $8.0 billion in investments with overnight maturities and $22.3 billion in marketable securities. In a letter to its members included in the first quarter report, Kampen indicated that there are some technology changes on the way, specifically with its online account access system, Corporate Credit Union Network which is driven by EDS. “We continued to work with the core account processing corporate focus group to evaluate the future direction of CCUN. The group selected final vendors, and we are in various phases of due diligence with them. We expect to make a system recommendation later this summer for this large-scale, complex technology initiative.” “A core account processing group, made up of staff from seven corporates and U.S. Central, has been working together for approximately one year to identify alternatives to the Corporate Network’s current processing system – CCUN. Right now, the group is in various phases of due diligence with vendor finalists and expects to have a system recommendation by the end of June,” said Margaret Blankers, Vice President, Public Affairs and Communications for U.S. Central. U.S. Central said it is also close to completing a new feature to post standard NACHA-formatted files to CCUN, which will automate corporates’ process for posting credit union activity, currently done manually. Another highlight for the quarter was a jumbo loan program (mortgages over $300,700), launched by its subsidiary Network Liquidity Acceptance Company, LLC. [email protected]</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.