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Kansas CUs did well in 08 expect harder 09
WICHITA, Kan. (3/6/09)--Kansas credit unions experienced an increase in assets, loans and members in 2008 despite the economic woes that beset the nation in the last half of the year. Last year was good year--on average--for Kansas credit unions, John Smith, Kansas Department of Credit Unions (KDCU) administrator, told The Wichita Eagle Thursday. Kansas credit union assets increased 11.4% to $3.34 billion between 2007 and 2008, according to the KDCU's Fourth Quarter 2008 Call Report Statistics. Total loans were up 10% in the same period, to $2.33 billion. Credit unions added more than 5,600 members, the report said. Also higher were credit union shares and total net worth. Total delinquencies for the state's credit unions were $30.3 million, compared with $26.8 million in 2007. However, a writedown to the National Credit Union Share Insurance Fund--due to a $1 billion fund injection to help Lenexa, Kan.-based U.S. Central FCU--could make 2008 a more difficult year, Smith told state credit union executives and directors in a memo, the newspaper said. It is expected that the writedown will lessen each Kansas credit union’s return on assets and net worth, he added. The National Credit Union Administration told examiners in February not to “overly focus on the financial impact” of the writedown on each credit union examination, Smith told the newspaper.
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