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Not all California credit unions are losing money. The $1.3 billion Brea-based Evangelical Christian Credit Union closed its December 2008 books with a $12 million profit, even after taking all NCUSIF-related charges, and earned another $2 million in 1st quarter 2009.

President/CEO Mark Holbrook is the first to admit he has an unusual business model, with 99% of his loans in real estate-secured member business loans. Evangelical Christian’s ministry field of membership was approved upon its 1964 charter, grandfathered in when HR1151 became law.

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