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Penrod No Indymac failure with a CU
RANCHO CUCAMONGA, Calif. (10/21/08)--Credit unions are weathering the economic storm, according to an industry analyst with the California Credit Union League. “Credit unions are well-capitalized,” Daniel Penrod, league analyst, told the Business Press (Oct. 13). “You will not see an IndyMac-type failure with a credit union.” Some credit unions have mortgage-backed securities, but haven’t required “one dime of bailout,” Penrod added. The newspaper also interviewed two San Bernardino, Calif.-based credit unions--Arrowhead CU and First Valley CU. Arrowhead has a reserve ratio of 10.1%, Larry Sharp, Arrowhead president, told the newspaper. The credit union didn’t engage in subprime lending and wasn’t hurt by many of the problems in the mortgage sector, he added. First Valley has “stuck close to what credit unions traditionally do,” CEO Gregg Stockdale said. The credit union also avoided the subprime mortgage market. It focuses on auto and home loans, savings and checking accounts, he told the newspaper.
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