SAN BERNARDINO, Calif. – Even though the state’s recession has been going for as long as two years, some large credit unions that had been unscathed are starting to report big losses.
Arrowhead Central CU reported a $23 million loss for its fourth quarter, creating a $26 million loss for the year, the $1 billion credit union’s first annual loss.
Also reporting their first losses are: Kinecta FCU, of $44.3 million; Kern Schools CU, of $24.3 million; California Coast CU, of $23.8 million; Schools Financial CU, of $2.8 million; and North Island Financial CU, $50.2 million.
Other credit unions are reporting large losses for 2008: High Desert FCU $16 million; KeyPoint FCU $8.1 million; American First FCU $7.1 million; Altura CU $6.1 million; Pacific Service CU $5.5 million; Alliance CU $7.2 million; American River HealthPro CU $5.8 million; AltaOne FCU $4.7 million; and USA FCU $4.1 million.
