PASADENA, Calif.-As first quarter numbers trickle in, performance among credit unions in the Sand States is a mixed bag.
• Wescom, the one-time $3.9-billion credit union that racked up $160 million in losses in 2008-2009 as its net worth fell to 4.3%, reported a $7.4 million net for the first quarter of 2012 as it rebuilt its net worth to 6.2%
• Arizona FCU, Phoenix, formerly a $1.8-billion credit union that reported $160 million in losses for 2008-2010 pushing net worth down just below 2%, had a $9.9 million net for the first quarter when it rebuilt its net worth ratio all the way to 6.6%.
• San Bernardino, Calif.-based Arrowhead Central CU, the one-time $1.1-billion credit union whose net worth plunged below the critical 3% level at year-end 2010 following $80 million in losses the prior three years, reported a $6.9-million net gain for the first quarter of 2012, boosting its net worth near 7%. In addition, assets grew by a strong 8.4%, to $715 million at March 31.
• Silver State Schools CU, Las Vegas, lost another $3.5 million for the first quarter, leaving it with $24 million in net worth that is the result of the $26.4-million loan from private deposit insurer ASI, Dublin, Ohio.
