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Deep Hole.

We still don't know exactly what happened at UARK Federal Credit Union in Fayetteville. Dean Mangum was relieved as president back in January, and board chairman Jim Nickels of Little Rock confirmed in July that the circumstances surrounding his departure were being investigated by the National Credit Union Administration and the U.S. Attorney's Office.

Here's what we do know: UARK Federal's June 30 call report filed with the NCUA shows a net loss of $1.25 million. And that's big money, especially for a credit union with $37 million in assets and net income last year of only $178,629.

UARK's mid-year report lists income during the first six months of the year of $1.54 million. That income was offset by $1.05 million in "other operating expenses," of which there were only $792,000 in all of 2000; and a loan loss provision of $798,000, almost five times the loan loss provision at mid-2000.

Subtract another $950,000 for the cost of funds and salaries, and you have a really deep hole.
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Title Annotation:UARK Federal Creidt Union
Publication:Arkansas Business
Article Type:Brief Article
Geographic Code:1USA
Date:Sep 24, 2001
Words:176
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