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Credit unions post net 3Q loss, but climate slowly improving

Lou Hirsh
Nov 07, 2009 (The Press-Enterprise - McClatchy-Tribune Information Services via COMTEX) --

Loan delinquencies and writeoffs continued to batter the balance sheets of Inland-based credit unions in the third quarter, with the three largest of the member-owned cooperatives reporting net financial losses for the fourth consecutive period.

A climate of high unemployment and loan foreclosures took the biggest toll on San Bernardino-based Arrowhead Credit Union, which posted a $46.3 million loss in the latest period, ending Sept. 30.

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