State credit unions lose $78 million through March
July 6, 2009
By MoneyAisle
An article in the Journal Sentinel reports that credit unions in Wisconsin posted a collective $78.8 million loss in the first quarter of this year.
“The state’s 247 credit unions contributed almost $90.5 million to the National Credit Union Share Insurance Fund in the quarter. If they hadn’t been required to make payments to the insurance fund, Wisconsin credit unions would have posted overall net income of nearly $11.7 million.”
However, even if the credit unions had been able to make these earnings, their profits would have been 59% lower compared with the same period last year.