Regulators pulled the plug Friday on the $13.4 million Parsons Pittsburg Credit Union, liquidating the institution after placing it into conservatorship approximately 60 days ago.
The Kansas Department of Credit Unions discontinued Parsons Pittsburg's operations after determining the credit union was insolvent and had no prospect for restoring viable operations on its own, the NCUA said in a press release. The state regulator named NCUA liquidating agent of the Parsons, Kan.-based cooperative.
The $418.5 million Golden Plains Credit Union in Garden City, Kan., assumed Parsons Pittsburg's assets, members, shares and loans. The NCUA said former Parsons Pittsburg members will not experience any interruption in services. Parsons is located nearly 350 miles from Golden Plain CU's headquarters in Garden City.
Parsons Pittsburg was placed into conservatorship by the KDCU on Jan. 24. The NCUA was put in charge of the credit union's day-to-day operations.
Parsons Pittsburg is the third federally insured credit union liquidation in 2014.
Parsons Pittsburg's net worth increased from 9.21% in September 2012, to 9.39% in September 2013, and 9.49% in December 2013, according to the credit union's Financial Performance Reports. Delinquent loans increased from 2.05% to 2.90% in September 2012 and September 2013, respectively. Delinquent loans increased significantly from 2.43% in December 2012 to 3.58% in December 2013.
Chartered in 1951, Parsons Pittsburg Credit Union had 1,446 members and served individuals living or working within a 45-mile radius of Labette, Bourbon, Cherokee or Crawford counties in Kansas.
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