RIVERSIDE, Calif. – Altura CU, a one-time $920-million credit union that has fought off big losses from 2008 through 2010, reported it broke back into the black for 2011 to the tune of $8.4 million.
“After the economic turmoil of the past few years, 2011 was our best year since 2006,” said Mark Hawkins, president of the now $640-million credit union. “Although we continued to deal with a difficult economy, 2011 was the year in which we finally saw the marketplace begin to firm up. Unemployment is settling down and foreclosures and delinquencies have eased substantially.”
Altura ended 2011 with a net worth ratio of 7.84%, up more than 200 basis points since year-end 2010, when it was 5.81%.
Altura is among a number of big California credit unions reporting 2011 turnarounds, including Arrowhead Central CU, Kern Schools FCU, California CU and USE FCU.
