Federally Insured CUs Struggling in Utah
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.