LOS ANGELES – In a sign that the recession may be spreading in this southern California epicenter of the real estate crash, dozens of credit unions throughout the state are reporting new losses where they were absent before.
The biggest loss reported so far is by Kinecta FCU, which reported a whopping $44.3 million loss for 2008, after reporting $11.9 million in net income for 2007. Also, Alliance CU reported losses widened to $7.2 million in 2008, from $3.7 million in 2007.
Elsewhere; SCE FCU reported a $856,276 loss for 2008, after a $1.3 million net in 2007; Southland FCU reported a $452,807 loss for 2008 after a $2.2 million net for 2007; Kern FCU reported a $2.6 million loss after a $1.7 million net; Schools FCU a $2 million loss after a $965,392 2007 net; Schools Financial CU a $2.8 million loss after a 2007 net of $8.6 million; and Cabrillo CU a $1.1 million loss after a 2007 net of $1.5 million.
Smaller credit unions are reporting red ink for last year after profitable 2007s. Bay CU had a $3.5 million loss last year after a $2.2 million net in 2007; Priority One CU had a $690,652 loss last year after reporting a $683,589 2007 net; Bay Cities CU had a 2008 loss of $913,260 after a 2007 net of $22,207; Safeway Los Angeles FCU had a $310,958 loss after a $120,066 net in 2007; Santa Ana FCU a $1.5 million loss after a $124,686 net; Antelope Valley FCU a $199,859 loss after a $288,950 net; and State Center CU a $592,340 loss after a $215,061 net for 2007.
Other credit unions reported continuing losses for 2008, after 2007 losses, including Heritage Community FCU, a $3.9 million loss for 2008; Patriots FCU, a $666,234 loss; Miramar FCU, a $467,241 loss; and Solano First FCU, a $856,468 loss for 2008.
