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Wisconsin credit unions report 96% increase in net income


MADISON, WI (WTAQ) - Wisconsin’s credit unions have done very well this year.

State officials report a 96 percent increase in the net income of state-chartered credit unions for the first 9 months of this year, compared to the same time in 2011.

Those institutions netted almost $165 million from January through September, up from $84 million a year ago. Their combined return on assets grew from 0.59 percent last year to 0.98. And the net worth of Wisconsin credit unions is the highest since the Great Recession made its presence known in 2008.

Peter Bildsten, who heads the state Department of Financial Institutions, says credit unions have returned to the levels of strength they had before the recession.

Wisconsin now has 188 credit unions, six fewer than a year ago. Bildsten says it’s due to mergers and industry consolidation.