WASHINGTON — The NCUA assumed control of High Desert FCU, which lost $4.6 million in the second quarter of 2008.
The Apple Valley, Calif.-based credit union was placed into conservatorship and is operating under new management, the agency said.
The credit union, which has more than 13,000 members and $149 million in assets, experienced a 4.5% decline in loan income, a 3.6% decline in the value of its real estate loans and a 2.3% drop in investment income, during the second quarter.
High Desert FCU The credit union did not file its third quarter data with the NCUA.
The credit union, which was chartered in 1951, serves people who live, worship and work in San Bernardino County, Calif.
Accounts at credit unions are insured to at least $250,000 by the National Credit Union Share Insurance Fund.
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