Despite California being one of the hardest hit states in lending, Member Business Services said its 2008 loan portfolio surpassed 2007 by 32% and so far, the momentum has continued.
The Rancho Cucamonga, Calif.-based member business lending CUSO's loan portfolio totaled $224.5 million under management for the first quarter, which is an increase of 19.0% or $10.2 million from year-end 2008, according to MBS. Business deposits increased by $18.2 million during the same period. The CUSO also said it ended 2008 with a loan portfolio of $214.6 million under management; a 32.0% increase over 2007. Business deposits grew 18.3% over 2007 levels.
Year-end delinquency was reported at 0.47% and first-quarter delinquency increased to 1.07%, according to the CUSO. Business loan submissions for the year reached an all-time high in 2008 with 699 loans submitted, totaling $294.4 million.
Recommended For You
MBS was founded by San Bernardino, Calif.-based Arrowhead Credit Union in 2003. It is owned by five credit unions and the California Credit Union League.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
