Credit Union 1 branches and the MSC will be closed on Thursday, November 26 for Thanksgiving. Remember, enclosed with each insulting credit card offer with unjust terms, Bank of America & their friends enclose little prepaid envelopes! Ent’s Board of Directors and management team are recommending the charter change to the membership as it will provide the credit union with greater opportunity to expand its geographic field of membership and will provide the credit union with greater flexibility. Net charge-offs were $3.1 million as of September 30, up from $1.2 million for the previous quarter.
Over the same time period, LOMTO reported a decline in its delinquency rate (loans 60 days or more past due) from 3.68 percent on June 30 to 1.53 percent as of September 30. In addition, early delinquencies (loans 30 to 59 days past due) dropped from $5.6 million to $5.3 million over the same time period. As of September 30, the credit union’s coverage ratio (allowances for loan and lease losses to delinquent loans) was almost 189 percent, up from 71.28 percent the previous quarter. The delinquency rate was 1.05 percent at the end of September compared to 1.04 percent for the previous quarter.
Progressive Credit Union reported an increase in its net worth ratio during the quarter by 9 basis points to 41.03 percent as of the end of the 3rd quarter. The National Basketball Association’s Charlotte Hornets completed a sponsorship agreement with Charlotte Metro Federal Credit Union that includes Hornets-themed credit and debit cards. California Department of Business Oversight (DBO) disclosed a final order against Bakery Employees Credit Union (Montebello, CA).
Bakery Employees shall provide a monthly written progress report to the Commissioner and the Regional Director of the National Credit Union Administration (Regional Director) detailing the due diligence of its search for a merger partner. The final order also requires the $6.9 million credit union to retain management and maintain a Board of Directors (Board) acceptable to the Commissioner. The $1 billion credit union will be the preferred credit union for University of Louisville’s faculty, staff, students and alumni.
Such person (or persons) shall be qualified to restore the credit union to a sound condition, operate the credit union in a safe and sound manner, comply with the provisions of this Order, and comply with applicable laws and regulations. The credit union is ordered to complete corrective actions to address all accounting and internal control deficiencies related to the general ledger account balances that were identified in the examination dated March 31, 2015. The University of Louisville and Commonwealth Credit Union (Frankfort, KY) have announced a new partnership. Allowance for loan and lease losses rose by 70.8 percent during the third quarter to $68.1 million.