The NCUA took control of New Hope Community Development Federal Credit Union in Birmingham, Ala. yesterday.
According to NCUA data, New Hope Community Development had a negative return on average assets since June 2008. It hit a -8.87 return on average assets in September 2008 and had -8.29 return on average assets in December 2008. In June 2009 the return on average assets was -1.89.
The NCUA said that service continues uninterrupted at New Hope Community Development and members are free to make deposits, access funds, make loan payments and use share drafts.
The credit union was originally chartered in 1996 and serves the West End community of Birmingham. It has approximately $1.3 million in assets and over 900 members.
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