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North Island Credit Union President/CEO John Tippets said he’s cautious but positive he can turn the ailing $1.4 billion San Diego credit union around, despite dropping to 3.39% net worth at year-end 2009.

Both management and regulators anticipated the $52 million year-end net loss, Tippets said. NCUA examiners were on-site at North Island the week of Feb. 8, but Tippets said it was to conduct a regularly scheduled exam.

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