PASADENA, Calif. – Two more once-ailing credit union giants, Wescom Central CU and Arizona FCU, are reporting strong financials again after rebuilding their net worth to healthy levels.
Wescom, the one-time $3.9 billion credit union that racked up $160 million in losses in 2008-2009 as its net worth fell to 4.3%, reported a $7.4 million net for the first quarter of 2012 as it rebuilt its net worth to 6.2%
Arizona FCU, formerly a $1.8 billion credit union that reported $160 million in losses for 2008-2010 pushing net worth down just below 2%, had a $9.9 million net for the first quarter when it rebuilt its net worth ratio all the way to 6.6%.
The strong net worth counts—NCUA considers 6% as adequately capitalized—is further evidence of the successful work-outs for both credit union giants.
The turn-arounds at the two problem credit unions follow similar Sand State reversals of ill-fortune at California’s North Island Financial CU, Florida giants Suncoast Schools FCU and GTE FCU, NevadaOne CU, and Arizona’s Desert Schools FCU, all of which appear to be over financial woes that once threatened their viability.
