The National Credit Union Administration (NCUA) assumed control of service and operations at Chetco Federal Credit Union of Harbor, Ore.
Chetco FCU had approximately $333 million in assets at the end of June 2011.
Chetco FCU reported a loss of almost $17 million for 2010 and a loss of $212,215 for the first six months of 2011.
As of the end of June 2011, the credit union was undercapitalized with a net worth ratio of 5.02 percent. Chetco reported that $57.8 million in loans that were 60 days past due or 19.02 percent of its loans were delinquent.
Part of Chetco's problems arose from loan participations. Chetco FCU had $70.5 million in outstanding loan participations (about 23 percent of its loan portfolio) and almost 17.5 percent of these loan participations were delinquent.
The credit union reported holding $10.1 million in foreclosed real estate loans.
Read the press release.
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