According to its June 30 NCUA financial performance reports, the $5 million Louden Depot Community Credit Union was a thriving institution. However, the Fairfield, Iowa, credit union was liquidated by the NCUA Friday. It was the seventh federally insured credit union liquidated so far this year.
The Iowa Credit Union Division placed the state chartered credit union into receivership on Friday, and then turned receivership over to the NCUA.
The NCUA said the Iowa Credit Union Division concluded Louden Depot Community was financially insolvent and would not be able to reinstate operations.
As of June 30, the credit union reported to the NCUA it had 12.47% net worth, low delinquencies and charge-offs and was earning a 1.45% return on average assets. Driving income were a 9.18% yield on average loans and 1.41% fee income to average assets.
The only noteworthy change in financials was a nearly $400,000 reduction in cash, a 34.5% change from March 31. Regular shares decreased by $618,481 during the same period, a nearly 19% loss.
Elizabeth S. Smith was listed as the credit union's manager by the NCUA. Betty Russell was listed as Louden Depot Community's office contact on the credit union's website.
The 790-member Louden Depot Community was chartered in 1954 and served individuals and their families living and working in Jefferson County, Iowa, and neighboring counties. The institution also served former members of the Meritor Employees Credit Union and small employee groups.
The $505 million Community 1st Credit Union in Ottumwa, Iowa, immediately assumed the majority of Louden Depot Community's members, assets and loans.
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