The California Department of Financial Institutions (DFI) announced that Sacramento District Postal Employees Credit Union (SDPECU) was closed and ordered to be liquidated, citing inadequate capital.
SDPECU was a privately insured, state-chartered credit union based in Sacramento.
According to its June financial report, SDPECU had a net worth ratio of 2.79 percent. The credit union reported a loss of almost $482,000 through the first six months of 2011. In addition, the credit union lost money in calendar years 2008, 2009, and 2010.
The credit union reported $20.5 million in assets and almost $19.9 million in deposits.
American Share Insurance (ASI) was appointed the liquidating agent of SDPECU by the DFI. ASI has arranged the transfer of SDPECU’s member share accounts to Southern California Postal Credit Union.
Read the press release.
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