Five of the six credit unions serving Santa Cruz County reported steep losses this past quarter. According to J. Stewart Fulle, President of the Monterey Credit Union, “These are the highest loan losses we’ve ever seen.”
Five of the six credit unions serving Santa Cruz County reported steep losses this past quarter. According to J. Stewart Fulle, President of the Monterey Credit Union, “These are the highest loan losses we’ve ever seen.” The losses are attributed to a charge levied by federal regulators to rebuild the accounts of their parent companies, which lost money during the mortgage meltdown.
Even Bay Federal, the only credit union to report gains, is still reeling from losses during the first part of the year, and was given just one star by Bauer Financial, an independent rating firm. In other words, the firm is still considered troubled, with losses at $10.3 million. Read More at the Santa Cruz Sentinel.
