Thursday, December 28, 2017

81 Percent of FICUs Reported a Profit

The National Credit Union Administration reported that 81 percent of all federally-insured credit unions (FICUs) reported positive net income through the first 3 quarter of 2017.

A year earlier, 80 percent of FICUs reported positive net income over the same period.

On the other hand, 1,068 FICUs reported a loss through the first 3 quarters of 2017.

Twenty-seven credit unions reported losses in excess of $1 million through the first 3 quarters of 2017. Melrose Credit Union (Briarwood, NY) reported the largest loss of $178.3 million.

The following table lists the 10 credit unions with the largest year-to-date (YTD) losses.


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6 comments:

  1. tony costanzoDecember 28, 2017 at 1:12 PM

    Melrose FCU reports Net Worth @ -$88.5M, Note Payable @ $107M, Delinquency @ 40.0%, Loan-2-Share Ratio @: 113.0% Does the NCUA see this improving anytime soon? When will the NCUA be accountable and responsible and shut this bankrupt credit union down? The rectal bleed continues at Melrose. The NCUA continues to do nothing.

    ReplyDelete
  2. tony costanzoDecember 28, 2017 at 1:19 PM

    Progressive FCU reports ROA @: -16.04%, Delinquency @: 15.0% Loan-2-Share Ratio @:165%, Maybe @ 165% they can make it up in volume. Note Payable @: $88M, & Net Worth dropped over 50% in 3 years from a high of $269M to $125M. Again, where is our proactive robust NCUA? Not to be found. Accountable to no one. Responsible to no one. Prepare for the NCUA assessment collection plate to cover these losses.

    ReplyDelete
    Replies
    1. AnonymousDecember 29, 2017 at 11:55 AM

      Dr. Leggett.
      “Note payable”.
      Is this 208 assistance?

      Delete
  3. Keith LeggettDecember 29, 2017 at 11:27 AM

    This is not Section 208 assistance. It is $88 million borrowed from one or more corporate credit unions.

    ReplyDelete
  4. tony costanzoDecember 29, 2017 at 3:46 PM

    NOTE PAYABLE - Progressive FCU owes $88M & Melrose FCU owes $107M. Recommendation to Corporate FCU: Ramp Up your allowance for losse$.
    Recommendation to NCUA: Ramp up your EIC continuing education. You are inept & incompetent. Where are your Specialists?

    ReplyDelete
    Replies
    1. AnonymousDecember 30, 2017 at 12:34 PM

      Note to federally insured credit unions...
      ...assessments in 2018.
      McW where art thou transparency?

      Delete

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