Land of Enchantment FCU, Santa Fe, N.M.

Land of Enchantment FCU, Santa Fe, N.M.,becomes the fifth credit union to be closed by the National Credit Union Administration (NCUA) this year.

The NCUA liquidated Land of Enchantment FCU, and Guadalupe Credit Union purchased and assumed its assets, liabilities and members.

Land of Enchantment FCU, which was located in Santa Fe, N.M., had assets of approximately $8.6 million, according to the NCUA, and its assets declined 5% in the fourth quarter of 2010. Assets had declined during each of the previous three quarters as well.

Its net worth ratio was 1.4% at the end of December.

The credit union’s delinquency ratio soared to 9.67% at the end of December, up from 2.99% at the end of September.

It’s return on average assets was negative in December as it was during three of the last four quarters.

The credit union, which was founded in 1951, had 1,593 members.

Guadalupe Credit Union, which is also located in Santa Fe, has $102 million in assets and serves approximately 10,500 members.

If you should have any further questions please do not hesitate to visit the NCUA webpage for Land of Enchantment FCU.