MIRAMAR, Fla. - Credit unions across the country are reporting losses for the first half of the year.
FLORIDA: Eastern Financial Florida CU, which reported a record $70 million loss last year, had a $16.8 million mid-year loss–including an $11.3 million loss for the second quarter. Suncoast Schools FCU in Tampa reported a $26.2-million mid-year loss. GTE FCU, also in Tampa, reported that losses widened from $8.2 million at the end of the first quarter to $19.2 million at mid-year. Fairwinds CU, across the state in Orlando, reported an $8.5-million loss for the second quarter, producing a $6.5-million mid-year loss.
NEVADA: WestStar CU reported a $2.2-million mid-year loss; Clearstar Financial CU reported a $1.6-million loss; Community One FCU a $1.2- million loss; Ensign FCU a $1.1-million loss and Greater Nevada FCU a $840,000 loss.
TEXAS: Texans CU, of Richardson, Texas, reported a $7.7-million second quarter loss and an $8.8-million mid-year loss; Credit Union of Texas had a $1.7-million loss and United San Antonio Community FCU a $1.2-million loss.
CALIFORNIA: North Island CU a $12.4-million mid-year loss; Sterlent CU (being merged into Patelco CU) a $12.4-million mid-year loss; Kinecta FCU a $10.6-million mid-year loss; Wescom CU a mid-year loss of $10.9 million. Visterra CU a $6.7-million mid-year loss; Valley FCU a $5.8-million loss; Kern Schools CU a $5.6-million mid-year loss; Alliance CU, a $4.1-million loss; Kaiperm FCU a $4-million loss and American First FCU a $3.9-million loss at mid-year. Other California credit unions losses over $1 million were: California Coast CU, which is being merged into First Future CU) a $2.4-million loss at mid-year; Heritage Community CU, a $2.1-million loss; Commonwealth Central CU a $2-million loss; Operating Engineers FCU a $1.9 million loss; Travis CU a $1.7-million loss; and Santa Clara County FCU a $1.4-million loss.
Many large California CUs, however, have apparently dodged the worst and reported robust earnings for the first six months of the year. Like: Chevron FCU, $46.1-million in net income at mid-year; Star One CU a $29.9-million net for the first half; San Diego County CU a $26.2-million net; Schools First FCU (formerly Orange County Teachers FCU) $22.8-million in net income; The Golden 1 CU, almost $17 million, and Lockheed FCU a $17.1-million net for the first half.
ELSEWHERE: Sunmark FCU, in upstate Schnectady, N.Y., reported a $6.2-million mid-year loss, almost all of it in the second quarter. In Michigan, NuVision CU had a $1.5-million loss. Allegacy FCU, in Winston-Salem, N.C., which had a $7.4-million loss last year, reported a $3.8-million loss for the second quarter, after a $1.2 million profit for the first quarter. Pocatello Railroad CU, in Pocatello, Idaho, followed up a $911,000 loss for 2007, with a $432,00 loss for the first half of the year.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
