One of Arizona's troubled and undercapitalized credit unions, the $370 million AEA FCU of Yuma, acknowledged Monday it is closing a branch, downsizing staff and "put out merger feelers" but is still prepared to go it alone in 2010.
The southwest Arizona CU, located in a low-income, migrant area with 20%-25% unemployment, said it realizes the magnitude of its loan-loss and delinquency problems, but "we feel we've already made moves in our business loan area to get things under control," said Denise McGregor, executive vice president.
The CU lost $25.9 million last year, and its capital ratio is at 2.9%, putting it under close NCUA scrutiny.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 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.
