WASHINGTON – Credit union losses continue to mount as the NCUA updates 4th quarter 2008 financial reports available on its Web site (www.ncua.gov/IndexCUQuery.htm). After news the $1.7 billion Arizona Federal Credit Union's net worth had fallen to 4.75%, additional investigation turned up two medium sized credit unions that have fallen below the NCUA's 6% capital ratio standard.
The Las Vegas-based $159 million Community One Federal Credit Union's net worth plummeted to 4.17%, after last quarter's 6.77% mark and 7.48% in December 2007. Community One suffered a $6 million net loss, spurred by $4.5 million in charge offs and an $8 million loan loss provision. Loan losses are primarily found in direct and indirect consumer lending.
A couple of hours south on Interstate 15, Victorville-Calif.-based The Members' Own Federal Credit Union reported 5.88% net worth at year-end. The $92 million institution posted nearly $4 million in losses, thanks to soaring mortgage delinquencies that contributed to year-end provisions of $3.8 million.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
