NCUA Closes Community Development CU

The National Credit Union Administration (NCUA) placed Mission San Francisco Federal Credit Union of San Francisco, California, into liquidation. Immediately thereafter, Self-Help Federal Credit Union of Durham, North Carolina, purchased and assumed Mission San Francisco’s assets, liabilities and members.

Mission San Francisco FCU was critically undercapitalized at the end of 2010 with a net worth ratio of 0.52 percent. The credit union reported that 15.69 percent of its loans were 60 days or more past due at the end of 2010. The net charge-off rate was 10.40 percent at the end of 2010.

Read the press release.