person carrying a bag of money up stairs as money falls out of a hole in the bag Source: Shutterstock.

San Francisco Federal Credit Union lost $33.5 million in the three months that ended Sept. 30 — by far the largest loss among the nation’s 5,244 credit  unions in the third quarter.

The net loss at San Francisco FCU ($1.2 billion in assets, 49,068 members as of Sept. 30) came from a mammoth $24.7 million loan loss provision taken during the quarter. That was on top of a mere $820,962 in loss provisions in the first six months of 2020, and compared with no provision in 2019’s third quarter.

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Jim DuPlessis

A journalist for decades.

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