RANCHO CORDOVA, Calif.-American River HealthPro CU, which reported a $5-million loss for the first three quarters, said that year-end results will include another loss.
"Clearly, the pressures affecting consumers in our greater economy have also had some impact here at ARHCU," said CEO, Bob Steponovich. "The Central Valley's housing sector meltdown, coupled with the dismal trends in wages and employment, has hit local families hard."
Steponovich said the credit union's mortgage portfolio performed relatively well in 2008, but losses will reflect the economy's impact on the $220-million credit union's consumer loans, as members struggle to stay current on their vehicle and credit card debt.
The 53-year-old credit union serves healthcare employees in the greater Sacramento area.
