The $40.3 million County & Municipal Employees Credit Union in Edinburg, Texas, was liquidated by the Texas Credit Union Department Oct. 10.
"The Texas Credit Union Department made the decision to liquidate County & Municipal Employees Credit Union and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own," according to the NCUA, which was named the liquidating agent.
The $2.1 billion Navy Army Community Credit Union of Corpus Christi, Texas, assumed the credit union's assets, shares, 7,173 members and selected loans, the NCUA said. Navy Army currently has 131,990 members, according to its most recent call report.
As of Sept. 30, County & Municipal Employees reported .85% net worth, down from 11% in September 2013. Delinquent loans increased from 1.07% that month to 21% the following year. Return on average assets was negative 10.31% in September 2014 compared to 2.52% the year before.
County & Municipal Employees Credit Union, chartered in 1956, served individuals residing, working or worshiping in Hidalgo County, Texas, as well as employees of several political divisions and public service units.
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