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Insolvent Cal State 9 CU in NCUA's Hands

The death rattle at Cal State 9 Credit Union here finally shook the California Department of Financial Institutions into action by forcing the insolvent CU into conservatorship and handing it over to the NCUA on Friday, Nov. 2.

By Staff Writer | Updated on November 05, 2007

CONCORD, Calif. — The death rattle at Cal State 9 Credit Union here finally shook the California Department of Financial Institutions into action by forcing the insolvent CU into conservatorship and handing it over to the NCUA on Friday, Nov. 2.

Cal State 9 CU lost $45.9 million year-to-date and its net worth ratio at the end of September is -2.02% (it was 6.44% at the end of June). Delinquency is 7.31% and there is another $24 million in the 1-2 month category. Of some $24.4 million in total chargeoffs, $23.6 million is from real estate loans; the CU charged off $17.6 million in the third quarter alone. And the Real Estate Owned category (foreclosures) now stands at $10.2 million.

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