Non-Interest Income Hits
Three-Year High In Q3
WASHINGTON-Total credit union non-interest income in the third quarter reached $10.7 billion, according to credit union consulting firm Callahan & Associates. This is the highest total since 2009 and 18.0% over the first nine months of 2011. Other operating income increased to $4.9 billion, a 30.3% increase from year-to-date numbers last September. As a percentage of non-interest income, other operating income jumped from 39.8% in 2009 to 45.8% in 3Q 2012, the company said.
Should The World End...
North, South Carolina Leagues Exploring Merger
COLUMBIA, S.C./RALEIGH, N.C.--The South Carolina and North Carolina CU Leagues last week said they had reached an agreement to "formally consider consolidating" the two associations, and that a six-member Consolidation Task Force has been formed. No timetable was announced. The South Carolina league represents 72 credit unions; the North Carolina league 90 credit unions.
WDFCU Pays $780K Dividend
WILLIAMSVILLE, N.Y.--Western Division FCU last week paid a $780,000 Patronage Dividend to members who paid interest or received dividends in a sufficient amount to warrant the dividend. Members received 15% of interest paid on loans and 120% of dividends received on savings during the year. WDFCU has paid almost $5.6 million in such Patronage Dividends since 2003.
Bomb Detonates At ATM In Virginia
FREDERICKSBURG, Va.-An explosive device detonated at a Virginia CU ATM last week and failed to access the cash but left a charred machine. The ATM had scorch marks and some damage but was still intact and functioning, said police, who responded to the explosion called in by a neighbor.
Ex-Manager Gets Year In Jail
SHEBOYGAN FALLS, Wis.-Sarah Gora, 33, the former manager of Midwest Credit Union has been sentenced to a year in jail for stealing $180,000 from the $4-million credit union and threatening its future. Gora, 33, was also ordered to pay $91,547 in restitution and will be granted work release while in jail, with a portion of her wages going to restitution. The missing money was discovered during multiple audits.
Warren To Banking Committee
WASHINGTON-Senator-elect Elizabeth Warren has secured a spot on the Senate Banking Committee in the upcoming Congress. Warren, a Harvard professor and founder of the Consumer Financial Protection Bureau, has at times been critical of credit unions.
Robbers Take Time To Honeymoon
YORK, Penn.-A couple interrupted their spree of six credit union robberies last year to get married and have a honeymoon, before resuming their spree to rob two more credit unions, according to authorities.The couple, Jason Dixon, 45, and his bride, Shawnette Fleet, 44, both of Baltimore, will spend the intervening years separated by prison bars after they each admitted to the 2011 honeymoon robbery spree.
The pair told authorities the robberies helped pay for Dixon's heroin and cocaine habit. Dixon was sentenced to 100 months behind bars, and Fleet to 42 months, with each responsible to repay half of the $112,107 they stole from the six credit unions between March and August 2011,
Correction On NCUA Expense
A story in the Dec. 3 issue on costs related to NCUA board travel incorrectly stated former NCUA board member Gigi Hyland had traveled to Vanuatu. In fact, the expense was for travel to Hawaii. The error was based on incorrect information supplied to Credit Union Journal.