Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Economy prompts CU in California to revisit new branches
RANCHO CORDOVA, Calif. (1/9/09)--A troubled economy has forced a credit union in California to re-evaluate its plan to expand branch locations. “Clearly, the pressures affecting consumers in our greater economy have also had some impact here at American River HealthPro CU (ARHCU),” said CEO Bob Steponovich in a press release. ARHCU, Sacramento, tentatively planned new branches in Elk Grove and Lincoln. Based on changing factors in the two markets, the credit union is reviewing its plans. In June, ARHCU adjusted its provision for loan loss upward by an additional $4 million. The credit union also announced this week that it expects 2008 year-end results to reflect a net loss. “While our credit union’s mortgage portfolio performed relatively well in 2008, we have seen the primary impact in our consumer loans, as our members struggle to stay current on their vehicle and credit card debt,” Steponovich said. The credit union’s expansion plans were driven by healthcare employers’ capital investments, projections about significant growth, and the pace with which new healthcare facilities go online. The $220 million asset credit union opened its newest branch in Roseville in spring 2007.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
11 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
13 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
14 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
14 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
14 hours ago