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
Wisconsin CUs boost reserves weather slowing economy
MILWAUKEE (2/20/08)--Despite an economic slowdown, Wisconsin credit unions stayed healthy the past year by boosting their assets, according to a Wisconsin Office of Credit Unions financial report. Assets grew $887 million, or 5%. Net worth increased by $102 million, an increase of 5.92%, and total net worth was $1.9 billion. Earnings increased to $113 million, from $107 million the previous year. Credit unions prudently increased their reserves by 20%, which would offset any potential loan losses due to the economy, Suzanne T. Cowan, Office of Credit Unions director, told the Milwaukee Journal-Sentinel (Feb. 19). Loans increased to $13.3 billion, an increase of 4.8% from 2006. Savings grew slightly more rapidly than loans during 2007, so the loans-to-savings ratio declined to 95.9% compared with 96.6% in 2006. Delinquent loans were at 1.27% compared with 1.09% in 2006. Loan losses were at $52.1 million, up from $43.3 million the year before. Provisions for loan loss expense increased to 0.31% from 0.28%. Wisconsin’s credit unions are healthy and continue to perform well based on the information reported at year-end 2007, Cowan concluded in the report.


RSS





print
News Now LiveWire
#Economy gains 295,000 jobs in Feb. http://t.co/bD1MRWewGi
1 hour ago
#NewsNow N.C. CU members save more than $3.8M through Save to Win http://t.co/X0kelvO5L6
1 hour ago
#NewHampshire CUs briefed on IOLTAs http://t.co/HPnAkzLrTp
2 hours ago
App puts #CUNAGAC in palms of attendees' hands #NewsNow http://t.co/piabPHIGb5
18 hours ago
App puts #cunagac in palms of #creditunion attendees' hands http://t.co/2XZC3LWw6Z
20 hours ago