More Red Ink for Large California CUs
California's struggling large credit unions didn't gain any ground during fourth quarter 2009.
The $1.42 billion North Island Credit Union led the pack, dropping to 3.39% net worth and reporting a $52 million loss as of Dec. 31. Despite charging off $25 million in 2009, the credit union reported another $32 million delinquent as of Dec. 31. The majority of bad loans are real estate.
Wescom Credit Union slipped to 4.30% net worth and reported a $96.3 million net loss for year-end 2009. The $2.87 billion credit union reported 5.15% delinquency rate and charged off 3.90% of loans.
The $1.58 billion Kern Schools Federal Credit Union slipped to 4.89% net worth, posting a $40.6 million net loss for the year.
The $3.5 billion Kinecta Federal Credit Union recovered its net worth slightly to 6.66% as of Dec. 31, but reported a $71 million net loss for 2009. Of Kinecta's $80 million in charged off loans, $43 million were credited to real estate.
The $860 million Altura Credit Union sank to 6.67% net worth as of Dec. 31 and reported a $10.5 million net loss for the year.
Wescom, Kern Schools and Altura charged off more consumer loans than real estate in 2009.