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News Now

CU System
Regulator California CUs grew in first quarter
SACRAMENTO, Calif. (7/9/08)--California credit unions experienced slight growth in combined assets, total loans, shares and capital for the 12-month period ended March 31, according to the California Department of Financial Institutions (DFI). The DFI released its First Quarter 2008 report on Monday. At $73.6 billion, credit unions’ assets rose 4% from $70.8 billion reported at the end of the first quarter 2007. Loans increased 3.4% to $51.7 billion from $50 billion, while shares rose 2.3% to $61.7 billion from $60.3 billion. Members’ equity rose to $7.6 billion from $7.5 billion--a 2.3% rise. The allowance for loan losses went up 82.6% to $537.9 million from $294.5 million. Seven fewer credit unions existed in the state at the end of the quarter. The number of credit unions decreased 2.5% to 196 from 203. For the same period, the number of state-chartered banks increased by 6.4% to 215 from 202. Bank’s assets rose 7.1% to 226.7 billion during the quarter. Their deposit growth increased 3% to $156.3 billion.


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