WASHINGTON—Low-income credit unions added secondary capital during the first six months of 2019.
Sixty-eight credit unions have $292.1 million in subordinated debt that counted as net worth at the end of June 2019, reported Keith Leggett, the former senior vice president and senior economist at the ABA.
That is up from $264.8 million at the end of 2018, Leggett said.
Six credit unions reported that more than half of their net worth was from secondary capital. At Hope FCU in Jackson, Miss., 75.3% of its net worth was in the form of subordinated debt, said Leggett.
The other credit unions reporting that at least half of their new worth was from subordinated debt were:
- LCO FCU (Wisconsin), 69.4%
- Hill District FCU (Pennsylvania), 62.8%
- Self-Help FCU (California), 58.9%
- Syracuse Cooperative FCU (New York), 57.8%
- Toledo Urban FCU (Ohio), 50.1%