Security Service FCU purchased the assets and assumed the member shares of West Texas Credit Union, which the Texas Credit Union Department liquidated yesterday.
West Texas CU, a 25,000-member credit union with $78 million in assets in El Paso, Texas had a 6.5% decline in assets during the second quarter.
As of June 30, its net worth ratio was -0.57%, down from 0.12% as of March 31 and 12% on June 30, 2008, according to its report filed with the NCUA. The report showed that 3.43% of its loans were delinquent as of June 30, compared with 4.36% at the end of March and 4.98% as of 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.