The $201 million Citizens Community Credit Union in Devils Lake, N.D., which posted a net income loss of more than $900,000 at the end of the first quarter, was conserved Friday, the NCUA said.
The credit union was placed into conservatorship for safety and soundness issues that the federal agency did not specify in its prepared statement.
Although CCCU had a net worth of 9.93% at the end of the first quarter, its delinquency loan rate was 6.79%, well above the peer average of 0.77%. At the end of 2016, its delinquency loan rate was 6.19%, but from 2012 to 2015, the credit union posted a delinquency loan rate of less than 1%, according to NCUA financial performance reports.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
