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Article: Executive summary.(Company rankings)
- Article from:
- San Diego Business Journal
- Article date:
- October 12, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Like many local banks, San Diego County-based credit unions had heavier losses in the past year because of mistaken lending decisions made several years earlier.
The big difference with credit unions versus commercial banks was, for the most part, the problem loans were usually home equity lines and car loans rather than subprime mortgages and construction loans.
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According to the Business Journal's list of Credit Unions, seven of the 10 largest reported losses in 2008, compared with only three of the top 10 in 2007.
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On the plus side, most local credit unions continued to grow, and ...