ALEXANDRIA, Va. – The number of credit unions that reported fiscal losses last year rose to a high of 1,011, according to NCUA.
In 2006, there were 901 credit unions with net losses for the year.
The credit unions reporting the biggest losses for 2007 were: Cal State 9 CU (-$61.6 million); Eastern Financial Florida CU (-$45.2 million); Wescom CU (-$33.2 million); Credit Union of Texas (-$13.6 million); Norlarco CU (-$13.1 million); Meriwest CU (-$9.2 million); CapCom CU (-$8.8 million); Allegacy FCU (-$7.6 million); Valley FCU (-$6.9 million) and Community America CU (-$6.7 million).
Not included on the list is Huron River Area FCU, which was liquidated and sold off by NCUA in November after wracking up a loss of $59.1 million for the first three quarters of the year.
There were more than 50 credit unions with losses exceeding $1 million for the year, the most ever.
