The Waynesboro-based DuPont Community Credit Union reported a 4.01 percent increase in total loans outstanding over the previous quarter and a 13.88 percent increase over first quarter 2008. This brings the amount of total loans to $539 million as of the end of the first quarter. This includes $45.8 million in real-estate loans funded during the first quarter. Total real estate loans funded increased 245 percent over the first quarter of 2008. DCCU’s net worth at the end of the first quarter 2009 is $61.3 million.
During the first quarter, DCCU reported an unexpected financial expense to stabilize the National Credit Union Administration (NCUA) federal deposit insurance fund.
This resulted in a re-statement of DCCU’s Dec. 31, 2008, net worth from $64.6 million to $61.1 million. Even with this unforeseen expense, DCCU maintained the designation of “well-capitalized” by NCUA. NCUA is the federal government regulator of credit unions.
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