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Article: Doom And Less Gloom: A Tale Of 2 Arizona CU Giants.(Financial Performance)
- Article from:
- Credit Union Journal
- Article date:
- November 9, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. 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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PHOENIX-It would seem that the state's two largest credit unions, Desert Schools FCU and Arizona FCU, would share the same gloomy outlook as the region's devastated economy has pushed each deep into the red, Desert Schools to the tune of $49.5 million and Arizona Federal a $41.9 million loss through the first three quarters of the year.
But executives at Desert Schools see the light at the end of the tunnel, even after recording a $32.2-million loss for the third quarter. Almost all of the Q3 losses were related to the increase in allowance for loan losses and the $3.2 billion CU hopes that should cover all additional charge-offs for the rest of this year. "That ...