The NCUA on April 30 liquidated the $109 million TLC Federal Credit Union of Tillamook, Ore.
NCUA made the decision to liquidate TLC Federal Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own. The NCUA's Asset Management and Assistance Center will take charge of certain assets of the closed credit union.
TLC fell into regulatory hot water during the fourth quarter of 2014, when its net worth fell from 6.31% to negative 0.77%.
During the third quarter of 2014, investments dropped from $20.2 million to $2.3 million. Cash increased by about $8 million during the same quarter and other assets increased by $10 million.
In the fourth quarter, TLC lost more than $2 million in land and building value and took a nearly $6.5 million loss in other assets. The quarter also saw a drastic swing in unrealized securities losses. Total loans also decreased from $18.7 million to $13.4 million. As a result, total equity dropped from $7.8 million to negative $910,620 by year-end.
The $803 million Fibre Federal Credit Union of Longview, Wash., immediately assumed TLC's members, shares, loans, and certain other assets and liabilities.
Chartered in 1957 as Clatsop Tillamook Teachers Federal Credit Union, the credit union changed its name to TLC Federal Credit Union in 1988. It converted in 2003 to a community charter to serve the residents of Clatsop, Lincoln and Tillamook counties in Oregon.
TLC Federal Credit Union was the third federally-insured credit union liquidation in 2015.
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