Friday, October 28, 2011

Birmingham Financial FCU Placed into Conservatorship

The National Credit Union Administration (NCUA) assumed control of service and operations at Birmingham Financial Federal Credit Union of Birmingham, Ala.

Birmingham Financial FCU is a low-income credit union and serves 429 members.

According to its call report, Birmingham Financial experienced a significant contraction between the first quarter and the second quarter of this year as its assets fell from almost $5 million to $1.3 million. The credit union reported holding almost $4.2 million in nonmember deposits as of March 31 of this year. As of June, the credit union reported holding only $200,000 in nonmember deposits.

Through the first six months of 20111, the credit union reported a loss of almost $108,000. The credit union reported a loss of $54,000 for 2010.

As of June 30, loans 60 days or more past due were $235,360. In other words, 26.91 percent of its loans were 60 days or more past due. An additional $187,242 of loans were 30 days to 60 days past due.

Read the press release.
Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.