WASHINGTON – Credit union losses continue to mount as the NCUA updates 4th quarter 2008 financial reports available on its Web site (www.ncua.gov/IndexCUQuery.htm). After news the $1.7 billion Arizona Federal Credit Union’s net worth had fallen to 4.75%, additional investigation turned up two medium sized credit unions that have fallen below the NCUA’s 6% capital ratio standard.

The Las Vegas-based $159 million Community One Federal Credit Union’s net worth plummeted to 4.17%, after last quarter’s 6.77% mark and 7.48% in December 2007. Community One suffered a $6 million net loss, spurred by $4.5 million in charge offs and an $8 million loan loss provision. Loan losses are primarily found in direct and indirect consumer lending.

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