SALT LAKE CITY – Losses are starting to spread to credit unions on otherwise healthy market, with several Utah credit unions, including the state’s second largest, Mountain America CU, reported a whopping $22.2 million loss for the third quarter.
Coupled with net income of $6 million for the first half of the year, the $2.8 billion credit union reported $22.2 million in losses for the first three quarters of 2008.
Several other large Utah credit unions are reporting big losses. Cypress CU reported a $1 million loss for the third quarter and $4.5 million loss year-to-date; Southwest Community CU a $1.2 million third quarter loss and $1.4 million loss year-to-date; Utah Central CU a $1.2 million third quarter loss; Family First FCU a $900,000 loss for the quarter; Credit Union 1 a $1.7 million third quarter loss and TransWest CU a $2.3 million third quarter loss and $2.7 million loss year-to-date.
America First CU, the state’s largest credit union with $4.4 billion in assets, reported $8.3 million in third quarter net income and $33.2 million in net income for the first three quarters.
Elsewhere: Direct FCU in Needham, Mass., reported an $8.6 million loss for the thrid quarter and a $10.5 million loss year-to-date; Summit FCU in Montana reported a $1.9 million loss for the quarter and $3 million in losses year-to-date; and $26 million Channel Islands FCU in Oxnard, Calif., reported a $1.3 million loss for the third quarter.
