The National Credit Union Administration (NCUA) is still active this week as it has taken over operations of High Desert Federal Credit Union on October 16.
The NCUA assumed control of High Desert FCU, which lost $4.6 million in the second quarter of 2008.
The Apple Valley, Calif.-based credit union was placed into conservatorship and is operating under new management, the agency said.
The credit union, which has more than 13,000 members and $149 million in assets, experienced a 4.5% decline in loan income, a 3.6% decline in the value of its real estate loans and a 2.3% drop in investment income, during the second quarter.
At the time of liquidation, N&W Poca Division Federal Credit Union served 1,194 members and had assets of approximately $6M.
All accounts are insured up to at least $250,000 by the National Credit Union Share Insurance Fund.
For the official media release click here.
