Economy Takes a Toll on Kern County CUs

Here is a story about the economy taking a toll on Kern County, California credit unions.

Bulk of the losses incurred by Kern County credit unions reside at Kern Schools FCU, which reported a loss of $40.6 million. The credit union as of the end of 2009 was undercapitalized.

In an October 20, 2009, I reported that Kern Schools was under a supervisory agreement to rebuild its capital.