October 30, 2011 – 3:18 am

Birmingham Financial Federal Credit Union, has been placed into conservatorship by The National Credit Union Administration (NCUA).

The NCUA conserved and moved the office of Birmingham Financial FCU on Thursday.

The $1.3 million Alabama credit union has experienced a decline in assets and certain key ratios, according to its Financial Performance Report.

The 429-member credit union saw its income decline during each of the past three quarters. It lost $107,843 during the second quarter of this year, $2,534 during the first quarter of this year and $54,159 during the last quarter of 2010.

The NCUA said its members can now access their accounts Monday – Friday from 10 a.m. to 2 p.m. at the America’s First FCU office at 1200 4th Ave. North in Birmingham.

Birmingham Financial FCU serves the employees of Birmingham Housing Authority and Birmingham Health Care who work in Birmingham.

The credit union had assets of $1.3 million at the end of June. It had $4.9 million assets at the end of March and $1.3 million at the end of last December.

Its net worth ratio was 9.8% as of June 230, 4.72% as of March 31 and 17.6% as of last Dec. 31.

The credit union’s return on average assets ratio was -16% as of June 30, -.32% on March 31 and -4.8% as of last Dec. 31.

Its delinquent loan ratio was 26.9% as of June 30, 9.9% as of March 31 and 7.4% as of last Dec. 31.

The NCUA said that “service will continue uninterrupted” while the agency works “to resolve issues affecting the institution.’’

For more information please visit the National Credit Union Administration (NCUA) web site for Birmingham Financial Federal Credit Union.

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