SAN DIEGO – Some large credit unions fell into the NCUA's adequately capitalized bin as of year-end.
At San Diego's $1.6 billion North Island Financial Credit Union, net worth slipped to 6.46% following a $50 million net loss, nearly $20 million in charge offs and $57 million in loan loss provisions.
The $5.9 billion Suncoast Schools Federal Credit Union in Tampa, Fla. posted 6.85% net worth as of December 31, following a $76.7 million net loss, $109.5 million in charge offs and $183 million in loan loss provisions.
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The $1.7 billion Eastern Financial Florida Credit Union of Miramar, Fla. raised its net worth slightly to 6.52%, despite reporting a $40 million net loss, $40.6 million in charge offs and $52.7 million worth of provisions. Eastern Financial is still reeling from a bad $30 million commercial real estate deal with Miami-Beach based The Merco Group. The credit union declined to be interviewed.
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