Saying that the credit union is "insolvent and has no prospects for restoring viable operations," the NCUA on Monday liquidated Vensure FCU, the small Arizona credit union tied to a major Internet gambling case.
The 140-member Mesa, Ariz., institution was conserved in April, setting off a court battle against the NCUA and raising questions about the agency's supervision of it.
The NCUA took over the formerly New York-based credit union on April 15 after its largest member account was frozen as part of a federal investigation into the processing of transactions tied to Internet poker websites.
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The credit union sued the agency, charging, in part, that it had ignored the steps the CU had taken to diversify its operations and that the agency had moved on the CU out of the fear of embarrassment.
The $8.1 million credit union was the 12th federally insured credit union liquidated this year.
Its net worth ratio as of March 31 was 26%, compared with 33% as of last December 31, according to financial performance reports filed with the NCUA.
Its return on average assets was 33.9% as of March 31, compared with 23.7% at the end of December.
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