Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
9 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
13 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
13 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
15 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago