HARBOR, Ore. – NCUA reported that additional loan losses provisions for Chetco FCU created a $13.7 million loss at the troubled credit union, leaving the one-time $375-million credit union with slightly more than 1% net worth at the end of the third quarter.
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NCUA, which took Chetco under conservatorship Sept. 23, set aside an additional $12 million in loan loss reserves, creating a $13.9 million loss for the first three quarters of the year. That follows a $17 million loss for 2010.
At the end of the third quarter Chetco’s assets had declined all the way to $303 million.
