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Accounting adjustment helps Wisconsin CUs
MILWAUKEE (2/12/10)--Like credit unions throughout the U.S., some Wisconsin credit unions realized big increases in net income for 2009 because of adjustments in funds previously allocated to stabilize the National Credit Union Share Insurance Fund, says an article in the Milwaukee Journal Sentinel (Feb. 9). Suzanne Cowan, director of the Wisconsin Office of Credit Unions, told the publication that the office is still getting aggregate numbers but that the state's credit unions' net income seemed "pretty solid, considering the economy." The article gave two examples of credit unions whose net income increased after changes were made in the way the National Credit Union Administration (NCUA) accounts for their insurance premiums, which rose dramatically after corporate credit unions began struggling in the recession. Instead of a huge premium due all at once, NCUA is allowing credit unions to pace the assessments over seven years. Landmark CU, based in New Berlin, had a net income of $17.5 million and assets of more than $1.4 billion, making it the state's largest credit union, said the article. Landmark spokeswoman Patricia Ransom told the publication that it experienced great mortgage demand but bolstered reserves in 2008. It took a conservative approach, so it was prepared for any rise in delinquencies and charge-offs. An NCUA report shows Landmark recaptured $4.7 million that it had previously allocated toward the NCUSIF stabilization, the newspaper said. It also said Educators CU, Racine added $5.3 million in income in 2009 when it got back part of its 2008 lump sump payment to the stabilization fund, its chief financial officer, Robert Stepien, told the newspaper.
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