NCUA`announced that Hmong American Federal Credit Union of St. Paul, Minnesota, and Valued Members Federal Credit Union of Jackson, Mississippi, were placed into conservatorship.
Hmong American Federal Credit Union currently has 716 members and assets of $2.7 million. Its financial data does not provide an explanation as to why the credit union was conserved. Hmong American reported a small profit at the end of the first quarter of 2011. It had a net worth ratio of almost 16 percent and delinquency rate of 0.45 percent.
On the other hand, Valued Members Federal Credit Union saw a sharp decline in its financial performance. During the last two quarters, the $9 million credit union reported a loss of almost $1.45 million. As a result of the losses, Valued Members FCU became critically undercapitalized with a net worth ratio of 0.17 percent. The credit union reported that 6.43 percent of its loans were 60 days or more past due and net charge-off rate was 6.45 percent at the end of the first quarter of 2011.
Read Hmong press release.
Read Valued Members FCU press release.
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