ALEXANDRIA, Va. — The board of directors of Peoples First Choice Federal Credit Union (PFC FCU) voluntarily consented to conservatorship on June 12.
Consequently, NCUA has assumed control of service and operations at the $24.1 million credit union in Glen Rock, New Jersey. Service to members will continue without interruption.
Based on NCUA's first quarter data, it appears the credit union had a sharp increase in charge offs in the third and fourth quarters of 2006. Shares were up in the first quarter 7.3% after a nearly $1 million nonmember infusion and loans were up 11.8%. Capital remained strong at the credit union at 9.14% at the end of the first quarter.
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