April 26, 2010 – 6:17 pm

St. Paul Croatian FCU, Eastlake, Ohio, was placed into conservatorship today by The National Credit Union Administration (NCUA).

Following a quarter in which St. Paul Croatian FCU reported a substantial decline in the value of its real estate and secured loans, the NCUA on Friday placed it into conservatorship.

The action means that the agency is running the day-to-day operations of the Eastlake, Ohio-based credit union, which has been in operation since 1947.

According to the financial report filed with the NCUA earlier this month, the value of the credit union’s loan portfolio increased by 3% during the first three months of 2010. However, the value of its real estate loans declined by 71% and the value of its unsecured loans fell 46.9%.

Its net worth ratio was 12.6% and its delinquent loan ratio was 4.3%.The credit union hadn’t reported delinquent loan data in the four previous reports.

According to the most recent report, 16.5% of its real estate loans were delinquent by more than one month and 0.72% of those loans were delinquent by more than two months.

Its ROA was 2.31%.

The credit union has $250 million in assets and almost 5,400 members.

For more information visit the NUCA web site for St. Paul Croatian FCU.