Saturday, December 3, 2011

NCUA Liquidates O.U.R. FCU

The National Credit Union Administration (NCUA) liquidated O.U.R. Federal Credit Union of Eugene, Ore. Northwest Community Credit Union of Springfield, Ore., immediately purchased and assumed certain O.U.R. Federal Credit Union assets and member shares.

NCUA made the decision to liquidate and discontinue the operations of O.U.R. Federal Credit Union after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by Northwest Community Credit Union, the former credit union served 1,379 members and had deposits of approximately $4.25 million.

O.U.R. FCU was a low-income designated credit union. As of September, the credit union reported its net worth at minus $2.147 million. It had a net worth ratio of -65.95 percent. The credit union reported a loss of $2.3 million through the first three quarters of 2011.

O.U.R. FCU was the fourteenth credit union to be liquidated in 2011.

Read the press release.
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