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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Conserving a credit union allows the institution to operate with expert management assistance in place while correcting service and operational weaknesses. The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator to protect members' interests or protect the insurance fund.
NCUA assured that member deposits are insured to at least $100,000 by the NCUSIF.
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