The NCUA on Wednesday conserved the $9 million Valued Members Federal Credit Union of Jackson, Miss., and the $2.7 million Hmong American Federal Credit Union of St. Paul, Minn.
The NCUA, which has conserved five credit unions this year, didn't state specific reasons for its decisions to conserve these credit unions except to say that the agency planned to correct "previous service and operational weaknesses.''
The agency emphasized that both credit unions are operating as usual, though the office of the Hmong American FCU has moved.
Valued Members FCU's assets declined 6.1% in the first quarter of 2011 and 15.4% in the last quarter of 2010, according to the financial performance report it filed with the NCUA. The value of its loan portfolio declined 7.3% in the first quarter of 2011, following a decline of 4.1% in the last quarter of 2010.
Its delinquent loan ratio was 6.43% at the end of March and 2.51% at the end of December. Its net worth ratio was 0.17% at the end of March and 5.38% at the end of December. Its return on average assets ratio was -28.61% at the end of March and -7.59% at the end of December.
Hmong American FCU's assets increased 2.4% in March and 1.9% last December. The size of is loan portfolio fell 4.7% in March but increased 17.7% in December.
Its delinquent loan ratio was .45% in March and .97% in December. Its net worth ratio was 15.98% in March and 15.73% in December. Its return on average assets ratio was 1.85% in March and 1.78% in April.
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