Hammered by accelerating delinquencies in its home equity portfolio, Cal State 9 Credit Union, Concord, Calif., lost $53.1 million in the first quarter. Cal State, which lost $61.6 million last year, is being managed by its regulator, the National Credit Union Administration. The agency is trying to sell the California lender. Delinquencies in the credit union's home equity loan portfolio rose 38% in the quarter from year's end. Meanwhile, depositors continued to withdraw their funds from the ailing CU, with $29 million in accounts walking out the door in the first quarter. Cal State 9 at one time had $465 million in assets.
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