Hope Sparks for AEA

The National Credit Union Administration website brings good news for the AEA, as they post in their website that the agency has improved during the first quarter of this year. The agency however still has a lot to go before they work through bad debt and for its asset ratio to increase.

The credit union imposes a subordinated debt deposit in order to give it additional capital; this is according to NCUA specialist John Zimmerman.

AEA was able to report a positive total assets ration during the fourth quarter of 2011 with 2.69 percent, this is the first time the ratio was announced since the NCUA placed the company into conservatorship on December of 2010.

The positive assets ratio continued to grow as it increased to 2.85 percent at the end of March this year. This is commendable since it only had a negative 7.77 percent on the same period last year.

The company also reported a profit of more than $839,000 in the first three months of the year. This continuing development that started last year, has now earned about $6.2 million profits for the company.

The credit union has an increase of $11 million worth of sales in their deposits, but the number of people applying for membership has decreased to 41,750. This is a lot fewer than the 46,015 members the company had last year.

The net worth of the corporation increased to $7 million last March from $6.1 million on December of 2011. The number of delinquent loans that they issued has lessened in the first quarter; this probably means that the past loans of the companies have been settled during the period.

The credit union used to have $8.9 million worth of delinquent loans last December, which decreased to $2.4 million last March.  The company reported that they have recovered and foreclosed their assets worth about $7.8 million in the first quarter of the year.

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