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CU System
Utah CUs healthy says league
SALT LAKE CITY (11/4/08)--Utah credit unions “remained conservative during the wild party that a lot of other financial institutions were throwing themselves in,” Scott Simpson, Utah League of Credit Unions president, told The Salt Lake Tribune on Saturday. One doesn’t hear about many credit unions “getting into trouble,” added Mike Puentes, a Credit Union One member. Credit Union One, in West Jordan, has $83.9 million in assets (Salt Lake Tribune Nov. 1). IFA Employees CU, Salt Lake City, offers automobile and consumer loans to its members. The credit union is the state’s strongest, says the newspaper, and has less than $2 million in assets. Some credit unions are experiencing a slowdown in loan demand, as members “put the brakes” on spending, said Scott Webre, CEO of Box Elder County CU, Brigham City. When credit unions experience trouble, they go to other credit unions for help--instead of relying on taxpayers, Simpson said. For example, Intermountain CU, Salt Lake City, recently merged with America First CU after Intermountain’s net income declined and it experienced some troubled real estate loans. Intermountain has $41 million in assets and asked America First how to work through its financial difficulties. The $4.5-asset America First agreed to merge with Intermountain, the newspaper said.
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