Despite shedding jobs, cutting pay, trimming benefits, curbing services and expanding the tax base, the state of Rhode Island is in deep financial trouble, and credit unions there are doing their best to stay afloat.
Rhode Island's credit unions reported a soggy 38 basis points worth of profit during first-quarter 2012, according to the NCUA's Quarterly U.S. Map Review, well below the national ROA average of 86 basis points. But in spite of the gloomy outlook, things aren't completely underwater in the Ocean State.
"We have a lot of challenges in this state," said Karl Kozak, president/CEO of the $1.3 billion Pawtucket Credit Union in Pawtucket, R.I. "Tough times are still in our face, but we have a good charter and we've had some positive growth this year. We're hopeful."
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