The NCUA placed the $23.1 million Community United Federal Credit Union into conservatorship Thursday and installed experienced management to correct the operational weaknesses that is affecting the Waycross, Ga.-based cooperative's safety and soundness.

While NCUA financial performance reports do not show that Community United is financially troubled, its investments declined substantially over the last three years.

At the end of 2012, the credit union posted total investments of $2.8 million, which increased to $3.1 million in 2014. By the end of 2015, however, the credit union's investments dropped to $1.9 million and plummeted to $259,275 by December 2016, according to NCUA financial performance reports.

In 2014, the credit union's December Call Report posted $2.4 million in short-term deposit investments, $496,000 in loans to and investments at other credit unions, $250,000 in held-to-maturity securities and $11,275 in membership capital at a corporate credit union. In 2016, Community United's December Call Report shows only $248,000 in short-term deposit investments and $11,275 in membership capital at a corporate credit union.

The credit union's total loan revenue increased from $10.1 million in 2012 to $17.4 million in 2016, and its loan income grew from $663,489 to $1 million in the same years. Community United's employee compensation costs also increased over the last five years, however.

In December 2012, the credit union posted $208,404 in compensation costs and had six full-time employees. By the end of 2016, the Georgia credit union had 17 full-time employees and compensation costs that totaled $566,131, according to the credit union's Call Reports and NCUA financial performance reports.

The NCUA said member services will continue at Community United Federal Credit Union, which will keep its current office hours.

Community United is the second credit union the NCUA has placed into conservatorship in the past week.

Last Thursday, the NCUA placed the $106 million Shreveport Federal Credit Union into conservatorship to resolve its unspecified safety and soundness issues while the Louisiana cooperative remains open to serve its 22,235 members.

While NCUA financial reports show Shreveport FCU's loan income has been declining over the last five years, the credit union's total investments dropped substantially from $13.4 million in December 2013 to $5 million at the end of 2016.