ALEXANDRIA, Va. – Dozens of credit unions reported losses for 2007 yesterday, at the outset of what is widely expected to be the worst financial reporting period ever for credit unions.
Some of the most notable losses reported yesterday included Mountain America FCU, which reported a $22.5 million loss for 2008, compared to a $37 million net for 2007; Deer Valley FCU reported a 2008 loss of $8.2 million; Jax FCU had an $8 million loss; Centris FCU reported a $6.6 million loss for 2007; Transwest FCU reported a $5.8 million loss.
Also, Utah Central FCU reported a $3.1 million loss fo 2008 and First Financial CU a $101,000 loss. Earlier last week Texans CU reported it lost more than $22 million in the fourth quarter and $29 million for the year.
Even profitable credit unions are reporting big falloffs in net income. Credit Union of Southern California reported a net of $1.7 million for 2008, down from $4.1 million in 2007; California CU reported $1.9 million in net income for 2008, down from $5.4 million in 2007; Water and Power FCU had a slim $128,000 net, down from $8.9 million in 2007 and Navigant CU had $1.1 million in net income, down from $1.5 million.
Still, a handful of credit unions were reporting better years in 2008, like United Nations FCU, which earned $12.2 million last year, up from $10.3 million the year before; Cal Tech Employees FCU, a $6.6 million net, up from $1.6 million in 2007; and Local Government Employees FCU, which earned $6.3 million, up from $4.8 million; and First Community CU (Missouri), $9.2 million, up from $9 million; and Credit Union One (Alaska), a $5.3 million net, up from $2.9 million in 2007.
Westerra FCU in Denver, which lost $1.6 million in 2007, broke into the black to the tune of $5.3 million.
