NCUA headquarters. (Source: NCUA)
The NCUA announced that a Georgia credit union was conserved on Thursday due to "unsafe and unsound practices at the credit union."
According to a statement from the NCUA, Southern Pine Credit Union, headquartered in Valdosta, Ga., is a federally insured, state-chartered credit union with 2,149 members and assets of approximately $46.4 million, according to the credit union's most recent Call Report.
Southern Pine Credit Union serves current and retired employees of Packaging Corporation of America and their immediate family members.
The NCUA did not expand on what the unsafe and unsound practices were at Southern Pine, but the actions taken to conserve the credit union were done in consultation with the Georgia Department of Banking and Finance.
According to the NCUA, members of the credit union can continue to conduct normal financial transactions at the credit union's main office, including depositing and accessing funds and making loan payments.
Southern Pine was issued its charter in March 1991, according to NCUA records.
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