The NCUA on Friday liquidated Mutual Diversified Employees Federal Credit Union of Santa Ana, Calif. and its assets were purchased by SchoolsFirst Federal Credit Union in the same city.
Mutual Diversified Employees FCU had $6 million in assets at the end of December, a 38.2% decline since the end of October. Its delinquent loan ratio was 46% and it had a negative return on assets. It had 748 members.
SchoolsFirst FCU has $8 billion in assets and 433,521 members.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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.
