Altura Credit Union, which is based in Riverside, reported an $8.43 million profit for 2011.
The amount signifies an improvement over the credit union’s $5.8 million loss in 2010.
“After the economic turmoil of the past few years, 2011 was our best year since 2006,” Altura Credit Union CEO Mark Hawkins said in a statement. “Although we continued to deal with a difficult economy, 2011 was the year in which we finally saw the marketplace begin to firm up. Unemployment is settling down and foreclosures and delinquencies have eased substantially.”
Altura Credit Union ended 2011 with a 7.84 percent net worth ratio, well above the 5.81 percent ratio at the end of 2010. The National Credit Union Administration considers an institution with a ratio of at least 7 percent to be well capitalized.
The Leapfrog Group, an organization representing many private and public sector health care purchasers, included Kaiser Permanente’s medical centers in Fontana and Riverside on its “Top Hospital” list.
No other Inland Empire hospitals made the list.
Leapfrog Group named 65 U.S. hospitals to the list. Making the list signifies that Leapfrog observed low incidences of medical errors, reduced mortality for high-risk procedures and reduced readmissions.
A total of 17 Kaiser Permanente facilities up and down California made the list.
Security Bank of California announced Thursday that former UC Riverside athletic director Stan Morrison has joined the bank as senior vice president and sales development director.
Security Bank of California has branches in San Bernardino and Redlands. The company’s headquarters are in Riverside.
Morrison also serves as president of Olive Crest’s board of trustees. Olive Crest is a charity that provides foster homes and other assistance for abused and neglected children. His charitable activities also include Inland Empire Boy Scouts of America, Mary S. Roberts Pet Adoption Center and Father of the Year Committee for the American Diabetes Association.
Family Dollar, a chain of discount stores, plans to open four Inland Empire stores this month.
The Charlotte, N.C.-based company has Nov. 17 scheduled as the opening date for stores in Ontario, Fontana, Rialto and Riverside.
Family Dollar plans to make the Ontario store its West Coast flagship and company executives are scheduled to appear at a grand opening event there on Nov. 17 and make a $5,000 donation to Second Harvest Food Bank.
The Ontario store is at 980 N. Mountain Plaza. The other stores are at 8933 Sierra Avenue, Fontana; 552 W. Foothill Blvd., Rialto and 5608 Van Buren Blvd., Riverside.
Altura Credit Union reported a $3.37 million profit for the quarter ending Sept. 30.
The amount signifies an increase of about $200,000 from the year’s previous quarter and a significant improvement from the Riverside-based credit union’s condition of one year prior.
After the third quarter of 2010, Altura Credit Union reported a $1.5 million loss.
Improved financial conditions have also made it possible for Altura to reduce its loan loss provisions.
“The local unemployment rate has begun to drop. Home foreclosures are down, although we are seeing more ‘short sales’,” Altura CEO Mark Hawkins said in a statement. “People are adjusting to the new economic reality and are focusing on paying down debt. As a result, consumer loan activity remains sluggish. This is an ongoing challenge for all financial institutions, and we are no exception,” he added. “Yet, there is a lot to be positive about right now.”
Altura’s reported capital ratio is 6.89 percent, which the government considers to be adequately capitalized.