2000 Credit Unions Reported a Loss During Q3
by Keith Leggett
According to data from NCUA, 2,000 federally insured credit unions (or 29 percent of the industry) reported a loss during the third quarter of 2012.
A vast majority of the credit unions reporting losses during the third quarter were smaller institutions. The following information shows the number of credit unions posting a loss by asset size group.
- 989 credit unions with less than $10 million in assets;
- 703 credit unions with between $10 million and $50 million in assets;
- 162 credit unions with between $50 million and $100 million in assets;
- 134 credit unions with between $100 million and $500 million in assets;
- 8 credit unions with between $500 million and $1 billion in assets; and
- 4 credit unions with more than $1 billion in assets.
Six credit unions reported third quarter losses in excess of $1 million. Carolina Trust FCU (Myrtle Beach, SC) reported the largest third quarter loss at $3.9 million.