While it may not be considered an official "sand state," Utah's federally insured credit unions appear to be in worse shape than their southern neighbors.
In fact, the $140 million Southwest Community FCU, liquidated July 1, had more capital than four other Utah credit unions of roughly the same asset size. According to the NCUA call reports, the $121 million Transwest CU reported only 2.12% net worth as of March 31, the $157 Beehive CU only 2.14% net worth, and the $174 million Utah Central CU claimed 3.06% net worth. Further south in Orem, the $159 million Family First FCU reported only 2.72% net worth remaining.
In other sand states, the $635 million USA FCU has joined the ranks of the significantly undercapitalized; the San Diego-based institution reported just 3.84% net worth as of March 31. Less of a threat to the share insurance fund is the tiny $7 million Mission San Francisco FCU, with only 2% capital.
In Arizona, the $373 million A.E.A. FCU reported 2.74% net worth as of March 31. The Yuma-based credit union experienced a dramatic capital decline in December 2009, falling from 8.22% net worth as of Sept. 30, 2009, to only 2.94% as of March 31.
The $1.4 billion Arizona Federal Credit Union is recovering from a doomsday 1.95% net worth in March 2009 to 3.84% one year later.
In Nevada, all federally insured credit unions reported 5% net worth or more.