WASHINGTON—At the end of 2016 some 1,118 credit unions reported a loss, a new report indicates.
Citing the latest Call Report data, Keith Leggett, the former senior vice president and senior economist at the ABA, performed the analysis, and further noted that 19.3% of all credit unions were unprofitable for the full year of 2016.
Forty-nine credit unions reported losses in excess of $1 million for all of 2016, said Leggett.
“It should not come as a surprise that the three credit unions with the largest losses were the three large New York City taxi medallion lending credit unions – Melrose (which has been placed under conservatorship), Progressive, and LOMTO,” said Leggett.
Leggett, on his Credit Union Watch blog, listed the 10 credit unions with the largest losses for 2016:
- Melrose CU, Briarwood, N.Y.—$98,684,103
- Progressive CU, New York—$57,380,792
- LOMTO FCU, Woodside, N.Y.—$18,383,654
- New Horizons CU, Mobile, Ala.—$8,855,984
- Quorum FCU, Purchase, N.Y.—$6,743,099
- Dover, Dover FCU, Del.—$6,303,071
- Security First CU, McAllen Texas—$5,055,974
- Actors FCU, New York—$4,030,556
- Van Cortland Cooperative FCU, Bronx, N.Y.—$3,236,227
- Newark Board of Education Employees CU, Newark, N.J.—$3,190,375