A week after placing $250 million St. Paul Croatian Federal Credit Union into conservatorship, the NCUA on Saturday announced it was liquidating the credit union "after determining that the credit union is insolvent. It has no prospects for restoring viable operations."
About 12 hours before announcing the closing, the agency also announced that Region III Director Alonzo Swann was being transferred to be special assistant to NCUA Executive Director David Marquis and Region II Associate Regional Director of Operations Herb Yolles would serve as Acting Region III Director, effective immediately. St. Paul Croatian FCU is located in Eastlake, Ohio which is located in Region III.
While its stated net worth ratio was 12.6%, its delinquent loan ratio was 4.3%. Prior to that the credit union hadn't reported delinquent loan data in the four previous reports.
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