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.
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