Once on the brink of collapse, the $1.1 billion North Island Financial Credit Union of San Diego reported $1.24 million in second quarter net income Tuesday, adding that the results followed a positive performance in the first quarter and "confirms the credit union's gradual recovery."
During the peak of the 2008-2009 California recession, North Island was among CUs at the top of NCUA's watch list as a candidate for conservatorship or merger.
The San Diego credit union closed seven of 17 branches, laid off nearly 200 employees and reduced operational expenses by 45%.
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