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Credit unions strengthen despite recession.

According to data released by the National Credit Union Administration, the financial position of the credit union industry improved in the first six months of 1991, despite a continued recession and problems in other sectors of the financial services industry.

Veribanc, the bank rating company, said problem loans amounted to 3.97% of credit union equity on June 30, 1991, down from 6.29% one year earlier. Only 331 (2.7%) of 12,109 credit unions were insolvent or on shaky financial ground, compared with 446 (3.6%) last year. Foreclosed real estate held by credit unions amounted to .4% of all real estate loans at midyear, compared to 2.9% for banks.
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Publication:Journal of Accountancy
Date:Dec 1, 1991
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