News

The $84 million West Texas Credit Union reported approximately 12% net worth as recently as September 2008. However, it has taken a beating somewhere on the balance sheet each quarter since, leaving it with only 0.12% net worth as of March 31.

With agency valuations falling and owners looking for exit strategies, credit unions might want to consider searching for deals to acquire insurance agencies, according to one industry expert.

Speaking at NACUSO's annual conference this week, Tom Davis, president/CEO of the group, told attendees that the "business as usual" mantra is reaching an "evolutionary dead end."

Credit Union 24 announced that four more CUs have joined its network, and credit unions worth more than $4.3 billion in assets have renewed their contracts.

The $4.1 billion San Francisco-based Patelco Credit Union has announced that Ken Burns was slated to take the helm after CEO Andy Hunter retired May 1.

United Federal Credit Union of St. Joseph, Mich. has come up with a novel way to reach the Gen Y college crowd: let them "rant, vent and complain" about their experience with banks and soon enough they'll switch to United Federal.