ARLINGTON, Va. – NAFCU is expected to report another strong year for 2009, with net income around $200,000, when it issues its financial report in the next few weeks.
Net income is down from 2008's $427,000, but similar to the $172,000 earned in 2007 and along the lines of the trade association’s typical year.
As a result, the group’s unrestricted net assets, or reserves, were around $8.5 million at year end, higher than even CUNA, which has struggled with large losses in 2007 and 2008 and is expected to report another loss for 2009.
NAFCU President Fred Becker, who this week is celebrating his 10th year heading the group, credited his staff for the strong performance. "I am very proud of the staff, who pulled together as a team to achieve this result when many other trade association have – and continue – to run in the red.," said Becker.
