The Golden State's credit unions may be nearing the end of their long journey to recovery. According to the California and Nevada Credit Union Leagues, California CUs made progress in 2011 in the areas of net income, net worth ratios, membership growth and loan performance.
Citing Callahan & Associates' FirstLook Data and Analysis, the league said net income for California credit unions in fourth-quarter 2011 totaled $809.4 million, an increase from $558.3 million as of the end of 2010 and an even higher jump of nearly $1.4 billion from 2009's net loss of $556 million. More than 250 of the state's CUs reported positive net income in 2011, while around 150 reported net losses, the league said.
Average net worth ratios climbed slightly from 9.69% in fourth-quarter 2010 to 10.07% in fourth-quarter 2011, according to the league, which added that a decrease in the amounts credit unions set aside for loan loss provisions in the fourth quarter of 2011 contributed to these improvements.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
