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Nearly One-Third of California CUs Report Negative 1st Quarter ROA

SACRAMENTO -- Nearly one-third of all California based credit unions had negative ROA during the 1st quarter 2008, according to statistics from The Watch Report, a credit union data service from Forest Grove, Ore.-based Bartoo Associates. That number, 32.59%, has more than doubled from 1st quarter 2007, when only 15.80%...

By Heather Anderson | Updated on June 03, 2008

SACRAMENTO — Nearly one-third of all California based credit unions had negative ROA during the 1st quarter 2008, according to statistics from The Watch Report, a credit union data service from Forest Grove, Ore.-based Bartoo Associates. That number, 32.59%, has more than doubled from 1st quarter 2007, when only 15.80% failed to turn a profit.

Negative ROA has increased nationwide, with nearly 20% of all credit unions reporting ROA in the red last quarter. However, California financial institutions are fairing far worse: 30.03% of California-based banks reported negative ROA during 1st quarter 2008, up from 5.84% same period last year.

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