The National Credit Union Administration assumed control of operations at First Delta Federal Credit Union of Marks, Mississippi. The National Credit Union Administration’s goal is to continue credit union service to the members and ensure safe and sound credit union operations.

Service to First Delta Federal Credit Union’s 5,500 members will continue uninterrupted. Members can continue to conduct normal financial transactions – deposit and access funds, make loan payments and use share drafts. First Delta Federal Credit Union is a full service credit union, with assets of $5 million, that provides financial service to people residing in Quitman, Panola, Tallahatchie and Coahoma counties in the state of Mississippi.

The decision to conserve a credit union enables the institution to continue normal operations with expert management in place correcting previous service and operational weaknesses.

Member deposits are safe. Their accounts are insured up to at least $250,000 by the National Credit Union Share Insurance Fund, a federal fund managed by the National Credit Union Administration and backed by the full faith and credit of the U.S. Government.

The Federal Credit Union Act authorizes the National Credit Union Administration Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests or protect the National Credit Union Share Insurance Fund.

For more information is not hesitate to visit the National Credit Union Administration website for first Delta Federal Credit Union.

The NCUA placed Keys Federal Credit Union of Key West, Florida into conservatorship today.

The 13,000-member credit union with assets of $180,000, had a 22.5% decline in assets during the second quarter of this year

As of June 30, its net worth was 7.06%, down from 8.62% as of June 302008, according to its report filed with the NCUA. The report showed that 4.9% of its loans were delinquent, compared with 0.39% as of June 30, 2008.

The credit union’s return on average assets was -2.64%, compared with -0.24% on June 30, 2008.

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America First Federal Credit Union is a full service institution. It has $4.9 billion in assets and serves approximately 495,939 members in and around the state of Utah. Its headquarters is located at 1344 West 4675 South, Riverdale, Utah, and it has 88 branch locations and offers online transaction service as well.

For more information, visit the NCUA website.

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]]> http://bankimplode.com/blog/2009/08/12/community-one-fcu-las-vegas-nv/feed/ 0 http://bankimplode.com/blog/2009/08/06/mutual-savings-credit-union-shelby-county-alabama/ http://bankimplode.com/blog/2009/08/06/mutual-savings-credit-union-shelby-county-alabama/#comments Thu, 06 Aug 2009 22:51:06 +0000 Tony http://bankimplode.com/blog/?p=2964 Mutual Savings Credit Union, a Shelby County financial institution with 41,700 members and $192 million in assets, was placed into conservatorship by the Alabama Credit Union Administration on Friday.

The Alabama Credit Union Administration seized the credit union’s operations and relieved the CEO and board of directors of their duties.

Tom Tatum will now oversee the credit union’s day-to-day operations along with ACUA: “Their goal is to continue credit union services to the members and ensure safe and sound operations with expert management in place,” according to a written statement. “The ACUA expects to resolve the situation and return control of the credit union to the credit union membership.”

Members’ accounts of up to $250,000 are insured by the National Credit Union Share Insurance Fund.

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The NCUA page on the shutdown states that New Hope was chartered in 1996 with approximately $1.3 million in assets and just over 900 members.

The NCUA page on the shutdown states that Valley was founded in 1953 and has nearly 26,900 members. Service is uninterrupted under NCUA supervision.

Valley was state-chartered, while being Federally insured, explaining why the Cal DFI was the first actor in the conservatorship.

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Communities United Credit Union serves 1,900 members. The Kansas Department of Credit Unions deemed the credit union to be insolvent and said it “has no prospects of restoring viable operations.” NCUA will operate the credit union until the member accounts can be assumed by another credit union.

The official release is here.

Communities United specialized in providing low-interest rate loans and financial counseling to help people pay off high-interest payday loans.

The $362.6 million Huron River Area Credit Union of Ann Arbor, Mich., which was placed into receivership by its state regulator Feb. 16, is likely to survive once permanent new management is established. The $2.3 million Communities United Credit Union of Wichita, Kan., which was placed into receivership on Feb. 15, is likely to be eventually closed.

This may explain why Huron River Area CU has been advertising 6% CDs for the last several months.

As a direct result of SHERMAN’ s embezzlement, the NCUA placed the credit union into conservatorship. After evaluating the viability of the credit union, the NCUA determined that the credit union would have to be liquidated unless another credit union could be found to merge with it. In July 2007, Obelisk merged with another credit union.

The theft eliminated all of the credit union’s net worth, forcing NCUA to take the credit union under conservatorship.

On June 12, 2007, the board of directors of Peoples First Choice Federal Credit Union (PFC FCU) voluntarily consented to conservatorship, accordingly, the National Credit Union Administration (NCUA) has assumed control of service and operations at the credit union, with assets of $24.1 million, located in Glen Rock, New Jersey.

Service to Peoples First Choice Federal Credit Union’s 5,300 members will continue uninterrupted. Members can continue to conduct normal financial transactions – deposit and access funds, make loan payments and use share drafts. The decision to conserve a credit union enables the institution to continue normal operations with expert management assistance in place correcting previous service and operational weaknesses.

NCUA took direct control people’s first as allowed by law.

The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally-insured credit union, protect members’ interests or protect the NCUA.