Wednesday, June 1, 2011

NCUA Closes Valued Members FCU

The National Credit Union Administration (NCUA) liquidated Valued Members Federal Credit Union of Jackson, Miss. less than a month after the credit union was placed into conservatorship. Magnolia Federal Credit Union immediately purchased and assumed Valued Members Federal Credit Union’s assets, liabilities and members.

Valued Members FCU reported a loss of $784,564 for 2010 and a loss of $669,993 for the first quarter of 2011. The $9 million credit union was critically undercapitalized as of the end of March 2011 with a net worth ratio of 0.17 percent.

Valued Members FCU is the ninth credit union failure in 2011.

Read the press release.
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