Saturday, February 5, 2011

Oakland Municipal CU Closed

The National Credit Union Administration (NCUA) was appointed liquidating agent of Oakland Municipal Credit Union of Oakland, by the California Department of Financial Institutions (DFI); and Western Federal Credit Union of Manhattan Beach, California, immediately purchased and assumed Oakland Municipal’s assets, liabilities and members.

At closure, Oakland Municipal had approximately $88 million in assets and served 7,800 members.

The credit union reported a net worth ratio of 4.95 percent as of the end of 2010. It also reported that $8.3 million in loans were at least 60 days or more past due or 14.39 percent of its loans. Roughly $3 million in loans were charged off in 2010 for a net charge-off rate of 4.81 percent.

Read NCUA Press Release
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