Friday, February 17, 2012

NCUA Seizes A M Community CU

The National Credit Union Administration (NCUA) assumed control of service and operations at A M Community Credit Union headquartered in Kenosha, Wis.

A M Community Credit Union is a state-chartered, federally insured credit union that serves anyone who lives or works in Wisconsin’s Kenosha and Racine counties, as well as any employee of Chrysler Corporation. The credit union has assets of $125 million.

The credit union reported a loss of $8.2 million for 2011. At the end of 2011, the credit union was significantly undercapitalized with a net worth ratio of 2.78 percent.

The credit union reported that 11.74 percent of its loans were 60 days or more past due.

Read the press release.
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