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State's Credit Unions See Income Fall 28.5%


MADISON (WRN) - Wisconsin credit unions saw their net income go down by 28.5 percent in the first 9 months of this year. The government said the 242 state-chartered credit unions netted a combined $68.5 million from January through September. That’s down from $96 million at the same time a year ago. Officials said credit unions had to pay higher insurance premiums on their deposits – and they had to set aside more of their money to cover bad loans caused by the recession. 1.9 percent of Wisconsin credit union loans were delinquent last year, down from 1.2 percent last September. Still, loans grew by around 5 percent – and deposits increased by 12 percent from the year before. Suzanne Cowan, head of the state Office of Credit Unions, said their overall performance was good considering the economy. Credit unions are non-profit cooperatives owned by their members.