SAN FRANCISCO – Patelco CU yesterday said it had net income of $15.2 million for the fourth quarter of 2009, trimming its losses to $14.6 million for the year.
California’s sixth-largest credit union, which lost a whopping $58.4 million in 2008, is one of several large Golden State credit unions to report a loss for last year. Others are: The Golden 1 CU, a $23.1 million loss; Kinecta FCU, a $71.3 million loss; California CU, a $24.6 million loss; North Island Financial CU, a $50.2 million loss; USA FCU, an $11.1 million loss; Arrowhead Central CU, a $26.6 million loss; SAFE CU, a $21.7 million loss; and, Kern Schools FCU, a $24.3 million loss. Wescom Central CU, which also is expected to report large losses, has yet to file its annual financials with NCUA.
Patelco reported net income of $2.3 million, $10.3 million and $2.6 million, respectively, in the final three months of 2009.
"Patelco is a community that spans all ages across all 50 states, and as such we are a reflection of the entire American economic condition," said Ken Burns, president of the $4.1 billion credit union. "As we all know, the economy has had an impact on the financial performance of many financial institutions, our credit union included. But we are pleased to see positive earnings and light at the end of the tunnel."
