The NCUA took control of day-to-day operations at the $13.5 million Parsons Pittsburg Credit Union in Parsons, Kan. on Friday, blaming unsafe and unsound practices.

According to its Sept. 30 call reports, Parsons Pittsburg reported a net worth of 9.39%.

The NCUA said in a release the violations were uncovered by The Kansas Department of Credit Unions, which seized the credit union and handed it over to federal officials.

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