The $84 million West Texas Credit Union reported approximately 12% net worth as recently as September 2008. However, it has taken a beating somewhere on the balance sheet each quarter since, leaving it with only 0.12% net worth as of March 31.
Despite losing nearly all capital, the credit union apparently has not been seized by state or federal regulators; CEO Carol Beltran declined to speak with the Credit Union Times.
The wheels fell off the wagon as of Dec. 31, 2008, when the credit union recorded an $8.9 million loss, fueled by an $8 million increase in loan-loss provisions. WTCU posted a $1.2 million net loss as of March 31, approximately half its own losses and half NCUSIF stabilization expense.
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Point-of-sale indirect loans, likely used vehicles, which represent $52.6 million out of a total $67 million loan portfolio, have experienced a steady rise in delinquencies. The credit union held $7 million plus in repossessed auto loans as of Sept. 30, 2008, but unloaded the majority between year-end 2008 and March 31.
Land and building assets surged from $2.7 million to $6.3 million between June 30 and Sept. 30, 2008.
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