The NCUA announced late Friday it had liquidated the $2.4 million Shiloh of Alexandria Federal Credit Union of Alexandria, Va.
According to a release, the NCUA made the decision to liquidate the volunteer-run credit union and discontinue operations after determining it was insolvent and had no prospect for restoring viable operations.
However, according to the 624-member credit union's financial reports available on the NCUA's website, that explanation doesn't tell the whole story. As of Dec. 31, 2012, Shiloh of Alexandria reported 16.52% net worth, 1.08% delinquent loans and no charge offs. Return on average assets was 1.37%.
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.
