California's struggling large credit unions didn't gain any ground during fourth quarter 2009.
The $1.42 billion North Island Credit Union led the pack, dropping to 3.39% net worth and reporting a $52 million loss as of Dec. 31. Despite charging off $25 million in 2009, the credit union reported another $32 million delinquent as of Dec. 31. The majority of bad loans are real estate.
Wescom Credit Union slipped to 4.30% net worth and reported a $96.3 million net loss for year-end 2009. The $2.87 billion credit union reported 5.15% delinquency rate and charged off 3.90% of loans.
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