DEAR BOARD OF DIRECTORS:
Enclosed is a report highlighting credit union financial trends for the first half of 1998. The analysis is based on data compiled from the midyear 1998 Call Reports submitted by all federally insured credit unions. We are providing this information to keep you informed of current conditions and trends in the credit union industry.
I thank you for your cooperation in providing this data and look forward to any comments you may have.
For the National Credit Union Administration Board,
NORMAN E. D'AMOURS