Tuesday, March 8, 2011

NCUA Liquidates Land of Enchantment FCU

The National Credit Union Administration placed Land of Enchantment Federal Credit Union of Santa Fe, New Mexico, into liquidation.

Guadalupe Credit Union of Santa Fe, New Mexico, purchased and assumed Land of Enchantment’s assets, liabilities and members.

At closure, Land of Enchantment Federal Credit Union had approximately $8.6 million in assets and served 1,593 members. The credit union was critically undercapitalized as of December 2010 with a net worth ratio of 1.40 percent and reported that 9.67 percent of its loans were at least 60 days delinquent. Land of Enchantment FCU had reported losses for the last three years of $38,100 for 2008, $763,552 for 2009, and $296,856 for 2010.

This is the fifth credit union to be liquidated in 2010.

Read the press release.
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