WASHINGTON – West Hartford Credit Union today become the 14th federally insured credit union liquidated by the NCUA this year after it was closed by the Connecticut Department of Banking.
The state regulator closed the Farmington, Connecticut-based credit union after determining it had problems with its "capital level, earnings, delinquency, recordkeeping and management."
According to a financial information summary filed with NCUA, as of September 30, the credit union had assets of $2.8 million, a 24.6% decline from the previous quarter. It experienced a 129.9% increase in its allowance for loan and lease losses. It also had an 8.9% increase in loan income during the third quarter and a 6.9% decline in investment.
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