JOHNSTOWN, Pa. -- According to a local newspaper report, NCUA liquidated $2.7 million Cambria Federal Credit Union last week.
The Tribune-Democrat reported that NCUA did not provide a reason for the liquidation; as of press time, the agency had not distributed a news release with the trade press.
Based on NCUA's financial reports, Cambria FCU appeared to be in trouble. Net worth had dropped from 9.19% in June 2006 to 6.61% as of March 2007. Loan delinquencies over two months shot up 283.6% in first quarter, after rising 84.4% in the fourth quarter of last year. Return on assets was rocky at a very respectable 1.73% as of September 2006, then down to -1.10% as of December, but landing near its peers at 0.53% as of March 2007. Cambria's loan growth dropped precipitously for nearly a year but jumped 13.65% in the first quarter.
Deposits at Cambria FCU are federally insured up to at least $100,000.
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