Hawkins said that real estate values in Riverside, Calif., have fallen 50% or more and that the unemployment rate is 13%. Typically, Hawkins said the summer months are the greatest lending periods, but in 2008 Altura was dead during the summer months. He added that 2009 has remained pretty slow, with a slight chance of hope that things are starting to pick up.

"We're not excited about it, but we're happy with where we are. We are looking at a slow recovery and are busy preparing for the future."

Looking ahead, Altura has a large area of service that Hawkins said has continued to grow over the past five to 10 years. Riverside, he said, is an area where people continue to want to live and do business, so there is still a strong need and desire to continue to improve access through electronic branches and brick and mortar branches.

"We're going to watch our cost of operation principally and continue to look ahead," he said.

Bogdan Chmielewski, CEO of Polish & Slavic Federal Credit Union in Brooklyn, N.Y., said that now is the time for credit unions with strong capital ratios to invest in the future.

Polish & Slavic has an 11% capital ratio and is making plans to expand its presence in Chicago by opening four branches.

"In every recession there are people that are hurting and there are people that are making money with the right investments. Now is the best time to expand. You can buy or lease a branch for much cheaper than you could a few years ago."

Two of the credit union's new branches are in former Washington Mutual branches. In Chicago, rent is approximately 40% cheaper than it was a few years ago, Chmielewski said.

The branches are slated to open at the beginning of next year.

"Most credit unions with high capital should be doing this. The recession will be over. That's not the question. The question is will it be this year, or next year or the year after."

In Bethpage, N.Y., Kirk Kordeleski, CEO of Bethpage Federal Credit Union, said that over the past few months he has been looking extensively at how to best position the credit union for the future.

In order for the credit union to continue to grow, Kordeleski said that Bethpage needs to achieve a return on assets of 75 basis points. To help work toward that goal, Bethpage will continue to look to collaborate with other credit unions to cut expenses and negotiate better contracts. Currently, Bethpage collaborates with Bellco Credit Union, FirstTech Credit Union and State Employees' Credit Union of Maryland on an IT platform.

Another area where Bethpage is looking to collaborate is commercial lending.

"There's a large opportunity in commercial lending, and we're looking to collaborate with partners to expand our presence in that area but, at the same time, not hold the risk."

Over the next two or three years, Kordeleski said he expects banks will become more competitive on interest rates and believes that Bethpage will have to increase rates on dividends to stay competitive in the marketplace. To add to Bethpage's competitive edge, the credit union will also look to invest in new products.

While some credit unions are cutting back in areas like marketing, Kordeleski said that he is looking to invest more in brand marketing to continue to draw attention to Bethpage and promote the message that it is the "anti-bank."

"It's a tough balancing act of two worlds. We are cutting back but in areas like travel. We will continue to invest in our service levels because it's the perfect opportunity. Everyday there is less and less advertising on the radio and in the newspapers."

To continue to grow its presence, Bethpage is also looking at merger possibilities to expand into Queens and other areas outside of Long Island.

"Opportunity comes when there are amazing changes in the marketplace, and we've been lucky that on the East Coast we've been more protected from the economy than credit unions on the West Coast and in other states," he said.

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