ALEXANDRIA, Va. – More large credit unions than ever before – including 16 billion-dollar institutions – sunk into the red for the first half of the year, according to data submitted to NCUA.
Among those reporting the biggest mid-year losses are: Arizona FCU (-$42.5 million); Suncoast Schools FCU (-$26.2 million); GTE FCU (-$19.2 million); Eastern Financial Florida CU (-$16.8 million); North Island Financial CU (-$12.3 million); Wescom Central CU (-$10.9 million); Kinecta FCU (-$10.6 million); Texans CU (-$8.8 million); Fairwinds CU (-$6.5 million); Kern Schools CU (-$5.6 million); and, Patelco CU (-$3.9 million).
Also: Allegacy FCU (-$2.6 million); California Coast CU (-$2.4 million); Westar CU (-$2.2 million); Credit Union of Texas (-$1.7 million); and, Travis CU (-$1.7 million).
Only four of those credit unions reported losses in the first half of last year.
A total of 71 credit unions reported losses of more than $1 million for the first half of the year and nine of more than $10 million.
Cal State 9 CU, which failed in June, reported the biggest credit union loss ever of $193.9 million. The one-time $460 million institution is one of three large California credit unions taken over by regulators in recent months, including Sterlent CU, a one-time $145 million credit union that was sold, along with Cal State 9 CU, to Patelco; and Valley CU, a one-time $310 million credit union that was taken over this week by state regulators and NCUA. Sterlent reported an $11.5 million loss for the first half, and Valley a $5.8 million loss.
Some of the credit unions with the biggest first-half losses have agreed to be merged out. These include Kaiperm FCU, with lost $4 million and is working on a combination with Alliant CU. Also CapCom CU, which reported a $2.1 million loss, has agreed to be acquired by DFCU Financial.
