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Article: Credit unions escape slumping fate of banks
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- May 16, 2008
- Author:
CopyrightCopyright 2008 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Earnings for Wisconsin's not-for-profit credit unions rose almost
20% in the first quarter, a period during which many for-profit
banks struggled to increase net income.
Credit unions posted net income of more than $28.1 million in the
quarter ended March 31, up from $23.5 million in the same quarter in
2007, according to a new report by the state Office of Credit
Unions.
A grand total for Wisconsin bank earnings isn't available yet
from regulators, but individual earnings reports by publicly traded
banks indicated a trend of lower bank profits for the quarter,
largely related to the ongoing housing slump.
The two biggest banks based in the state -- Milwaukee's Marshall
& Ilsley and Green ...