YUMA, Ariz.—NCUA is reporting that another of the credit unions it is operating in conservatorship is in the black and net worth slowly rebuilding.
AEA FCU posted net income of $3.8 million for 2014, with year-end assets at $238 million, while the net worth ratio was up by 51 basis points to 5.23%. The agency said loans grew by $9.5 million compared to 2013, with the majority of the increase in auto lending.
“An important factor in AEA’s positive performance was their determination and dedication to maintain a strategic focus throughout 2014,” said Elizabeth Whitehead, NCUA Region V director and agent for the conservator, in a statement. “By focusing on three main objectives—financial sustainability, community banking and a focus on people—AEA’s management team and staff were able to make significant and impressive progress toward sustained growth and profitability.”
NCUA placed AEA into conservatorship in December 2010 to address its declining financial condition that stemmed from problems with its member business loan portfolio.
The announcement follows by a day news from Texans CU, also being operated under NCUA conservatorship, that it reported year-end income of $21.7 million.
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