The NCUA yesterday liquidated The Members' Own FCU and accepted the offer of Alaska USA FCU to purchase the assets and assume the member shares.
The Members' Own FCU, is a 11,000-member credit union with $85 million in assets in Victorville, Calif., had a 4% decline in assets in the second quarter.
As of June 30, its net worth ratio was 0.94%, compared to 1.32% as of March 31 and 7.55% on June 30, 2008, according to a report filed with the NCUA. The report showed that 6.76% of its loans were delinquent as of June 30, compared with 8.62% on March 31 and 7.06% on June 30, 2008.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.