PASADENA, Calif. – Wescom Central CU, showing the worst effects of the Southern California real estate bust, reported a $93.6 million loss for 2009 on Friday.
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The whopping loss, which pushed the one-time $4 billion credit union’s net worth ratio down to just 4.3%, comes after a $63.1 million loss for 2008.
Provisions for loan losses increased by $31.8 million during the quarter, caused by a $21.2 million increase in charge-offs for the period.
Once one of California’s booming credit unions, Wescom has been trimming assets over the past two years, shuttering 27 of its 56 branches, selling its Wescom Insurance CUSO and shedding almost $1 billion of deposits.
Officials with the credit union giant declined to comment on Friday.
