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.
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.
ReplyDeleteProgressive 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.
ReplyDeleteDr. Leggett.
Delete“Note payable”.
Is this 208 assistance?
This is not Section 208 assistance. It is $88 million borrowed from one or more corporate credit unions.
ReplyDeleteNOTE PAYABLE - Progressive FCU owes $88M & Melrose FCU owes $107M. Recommendation to Corporate FCU: Ramp Up your allowance for losse$.
ReplyDeleteRecommendation to NCUA: Ramp up your EIC continuing education. You are inept & incompetent. Where are your Specialists?
Note to federally insured credit unions...
Delete...assessments in 2018.
McW where art thou transparency?