The NCUA said Tuesday it liquidated the $581,487 Republic Hose Employees Federal Credit Union in Youngstown, Ohio.
"NCUA made the decision to liquidate Republic Hose Employees Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations," the NCUA said in a press release.
Republic Hose Employees FCU was the eighth federally insured credit union to be liquidated in 2014.
The credit union was chartered in 1940 and had 455 members, according to its most recent call report.
As of June 30, 2014, it reported a 6.04% net worth, down from 9.01% in June 2013. Delinquent loans decreased from 8.76% in June 2013 to 6.95% the following year.
The credit union served the employees of Republic Hose Manufacturing Corp., and Youngstown Steel Door Co., as well as their immediate family members.
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