ROCHESTER, N.Y.-Among the credit unions that are reporting a strong net for 2009 were:
• ESL FCU in Rochester, N.Y. reported a $56 million net for 2009 and an ROA of 1.4%, even after paying members a $7 million ownership dividend and taking a $16 million charge for corporate expenses.
• Visions FCU in Endicott, N.Y. had a $37 million net and a 1.5% ROA for last year, even after a $3 million charge for the corporates.
• Wings Financial CU in Apple Valley, Minn. reported a $28 million net and a 1.1% ROA, despite a $2.6 million charge for the corporates.
• First Tech CU in Beaverton, Ore., reported a $23 million net and an ROA of almost 1.1%.
• Navy FCU in Vienna, Va. reported a $259 million net for the year, even after a whopping $207 million charge for the corporates. Without the charge, the $40 billion credit union would have had a 1.2% ROA.
• Fairwinds CU in Orlando, Fla. said it was able to rebound strongly from 2008, when it reported a $28-million loss, to report a $13.1 million operating net because it was able to put enough away for allowance for loan losses in '08. "We focused a lot on reducing costs," said Kathy Chonody, chief financial officer for the $1.6-billion credit union. She said initiatives such as asking employees for cost-saving ideas and cutting out paper throughout its various processes helped cut costs by $1 million in 2009.
The lower loan losses and cost cutting will prepare Fairwinds for 2010, even with continuing troubles in the Florida market, where unemployment is headed toward 11% and an additional assessment that NCUA has warned credit unions to expect, according to Chonody, who projected a positive net of as much as $5 million for the year. "We're very happy with that," she stated.
