Credit union conserved in Chicago, Ill.
The NCUA on Wednesday placed Beverly Bus Garage Federal Credit Union ($4 million in assets, 1,300 members) into conservatorship, citing unsafe and unsound practices at the Southside Chicago credit union.
The credit union's call reports show net income fell by half to $27.1 million for the 12 months ending Dec. 31, but ROA was still 0.68%, down from 1.68% a year earlier. The U.S. average was 0.78% last year.
Otherwise, its reports show it has been incredibly healthy, which might be one indication that something was, well, incredible.
For one thing, the credit union has had a net worth ratio of 41% to 44% since at least the fourth quarter of 2015. The U.S. average is 11%.
For another, 41% of its loans were in the "All Other Unsecured" category, and 22% were in the "All Other Secured Non-Real Estate" category.
But most remarkable of all, the credit union's total loan balance on Dec. 31, 2017, consisted of 778 loans worth a combined $3,506,764, which equaled its loan originations in number and down to the dollar.
"While continuing normal member services, the NCUA will work to resolve issues affecting the credit union's operations," the NCUA said in a news release.
Beverly Bus Garage FCU serves employees of the Chicago Transit Authority at the Beverly Bus Garage in Chicago, employees of the credit union and members of their immediate families.
The credit union has had only one full-time employee since at least December 2015, it had five part-time employees as of December 2017.
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