Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
California towns CUs weathering economy
BAKERSFIELD, Calif. (2/16/09)--Several Bakersfield, Calif.-area credit unions experienced losses last year--as did many U.S. financial institutions--as they weathered a down economy. While eight of nine Bakersfield credit unions lost money in 2008, the institutions are well-capitalized, their deposits are insured, and they will get through the downturn just fine, credit union executives said (bakersfield.com Feb. 11). All Bakersfield credit unions placed more cash into their rainy-day funds in 2008 than they lost on bad loans, the newspaper said. Bakersfield is trending along the same path as the rest of California, Daniel Penrod, industry analyst with the California Credit Union League, told the paper. Although the league hasn’t processed the state’s year-end financial data yet, areas that experienced the most wide-ranging real estate price swings are the one most impacted by the economic downturn, Penrod added. Financial results for Bakersfield’s nine credit unions in 2008:
* Kern Schools FCU, $1.7 billion in total assets, net loss: $24.3 million; * Safe 1 CU, $322 million assets, net income: $1.3 million; * Kern FCU, $265 million assets, net loss: $2.5 million; * Chevron Valley CU, $123 million assets, net loss: $240,000; * Kern Central CU, $39.1 million assets, net loss: $348,000; * Bakersfield City Employees FCU, $23.9 million assets, net loss: $124,000; * Espeeco FCU, $9.6 million assets, net loss $41,600; * Star Energy CU, $7.1 million assets, net loss $48,000; and * Bakersfield Community FCU, $3.3 million assets, net loss: $75,000.
Other Resources

RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
8 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
12 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
12 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
14 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
14 hours ago