Big Skies Are Partly Cloudy for Montana Credit Unions
Montana’s economy is booming thanks to oil, but the Big Sky Country’s credit unions are still struggling to catch up.
Drilling equipment and crews are moving back to Montana and the state’s rig count has grown to 22 from just eight at this time last year. Montana's Department of Natural Resources and Conservation issued a record 356 oil drilling permits in the first 10 months of the year, easily beating the previous record of 313 set in 2005.
Missoula FCU has assets of $379 million and a three-county community field of membership in western Montana. It is also a college town, the home of the University of Montana, but there are no oil fields.
Missoula FCU’s ROA is improving, climbing from negative 0.08% a year ago to 0.54% as of Dec. 31, and Senior Vice President of Marketing Joni S. Walker remains hopeful despite a shrinking loan portfolio.