PASADENA, Calif. –Large credit unions in the Golden State continued to be battered in the second quarter by loan losses, the corporate credit union bailout and charges for their lost capital in WesCorp, according to data released by NCUA this week.
Wescom Central CU, for example, followed up a $21.4 million operating loss for the first quarter with a $15.3 million loss for the second quarter. Combined with a $17.4 million NCUSIF stabilization charge, the $3.1 billion credit union reported a $54.1 million loss for the first six months of the year.
North Island Financial CU followed up a $48.5 million operating loss in the first quarter with an $8.9 million loss in the second quarter.
Kern Schools FCU, which had a $10.8 million operating loss in the first quarter, had a $7.1 million loss for the second quarter. A $12.9 million NCUSIF stabilization charge pushed the mid-year losses for the $1.7 billion credit union to $30.9 million.
Other California credit unions reporting big second quarter losses are: CoastHills FCU (-$4.3 million); Travis CU (-$4.2 million); Fresno County FCU (-$3.3 million); Redwood CU (-$3.3 million); Operating Engineers Local Union #3 FCU (-$3.1 million); Schools Financial CU (-$2.3 million); Telesis Community CU (-$2.4 million); Altaone CU (-$1.8 million) and Water & Power FCU (-$1.5 million).
