North Island Credit Union President/CEO John Tippets said he's "cautious but positive" he can right the struggling credit union's course.
NCUA examiners have been on-site at North Island this week, where, as of Dec. 31, net worth dropped to 3.39%, ROA is -3.52% and the loan quality ratio is a problematic 6.20%. However, Tippets told the Credit Union Times the federal regulator is only conducting a scheduled exam. Management and regulators anticipated the San Diego credit union's $52 million year-end net loss, he said.
Tippets, who spent 17 years running the $5 billion American Airlines FCU, said he's realistic about the California economy and upside down homeowners abandoning loans.
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