February 18, 2011 – 7:30 pm

Greensburg Community Federal Credit Union of Greensburg, Pennsylvania, came one step closer to implosion today as The National Credit Union Administration (NCUA) assumed control of its operations.

The NCUA placed the $2.2 million Greensburg Community FCU into conservatorship yesterday.

During the fourth quarter of 2010 its assets declined 10.9% which followed a 2.3% decline in the third quarter and a 3.3% drop in the second quarter.
Its loan income fell in three f the last four quarters. It fell 5.4% in the fourth quarter of 2010.

Its net worth ratio was 20.4% at the end of December and its delinquent loan ratio was 9.02%. It has had a negative Return on Average Assets during three of the last quarters.

The credit union has 983 members. It is located I Greensburg, Pa., which is approximately 5 miles east of Pittsburgh.

For more information visit the NUCA webpage for Greensburg Community Federal Credit Union.