SAN DIEGO – North Island CU, which teetered on the brink just two years ago after $103 million in losses for 2008 and 2009, reported a strong $17.8 million net for 2011, its second straight year in the black.
The one-time $1.7-billion credit union, whose net worth slid to just 3.3% at the height of its troubles, said net worth had rebounded all the way to a regulatory “well-capitalized” level of 7.3%.
The now $1.1-billion credit union was able to use its improving finances to make a variety of capital investments last year, such as an ATM upgrade and new and enhanced products, including an Island Rewards MasterCard and a new home equity line of credit. In recent weeks, the credit union said it has expanded its offerings in auto, unsecured and business lending to better reach and serve more existing and potential members.
North Island CU was chartered in 1940 to serve the military and civil service at Naval Air Station North Island. It now serves members in San Diego, Riverside and Orange counties in California.
