PLEASANTON, Calif. — Sterlent Credit Union here appears to be feeling the bite of the real estate downturn and is losing money, losing members, and may be facing regulatory action.
Figures for year-end 2007 are not yet available, but at the end of the third quarter 2007, Sterlent's net worth ratio was 6.08%. Although that earned an "adequately capitalized" rating, it was barely above the mark at which Prompt Corrective Action is set in motion.
In just 12-months Sterlent's net worth-to-total assets went into free fall. The CU suffered a staggering 28% drop in net worth to total assets of 6.08% from 8.49% the year before. Sterlent's assets are $107.7 million
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