The NCUA said Thursday evening it has liquidated the 3,476-member, $15.5 million G.I.C. Federal Credit Union in the Cleveland suburb of Euclid, Ohio.
The agency said it had determined the credit union was insolvent and had no prospect for restoring viable operations, and that some members will be transferred to the $37.2 million, 7,800-member Steel Valley FCU of Cleveland while others will be issued checks.
According to data from Callahan & Associates, in its September 2012 5300 Call Report, G.I.C. reported a loan delinquency rate of 2.4% as of September, 12-month share growth of 0.78%, return on assets of .83%. and net income of $105,240 before NCUSIF stabilization, down 10.4% from the $ 117,903 it reported in the year-ago period.
G.I.C. FCU was chartered in 1936 to serve employees of Gould Inc. and evolved into a multiple common bond credit union serving several select groups, the NCUA said.
The NCUA now has liquidated 12 federally insured credit unions this year.
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