Monday, February 20, 2012

People for People CDCU Liquidated

The National Credit Union Administration (NCUA) announced the liquidation of People for People Community Development Credit Union (CDCU) of Philadelphia. TruMark Financial Credit Union of Philadelphia immediately purchased and assumed People for People CDCU’s members and loans.

People for People CDCU was placed into conservatorship on January 6 of this year,

NCUA made the decision to liquidate People for People CDCU and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. As of December 2011, the credit union had a delinquent loan to net worth ratio of 175.02 percent.

People for People CDCU is the second credit union to be liquidated in 2012.

Read the press release.
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1 comment:

  1. AnonymousFebruary 20, 2012 at 4:46 PM

    Dec 2009 the credit union had a net worth of less than 6.0% and delinquency over 10%.
    Dec 2011 the credit union had a net worth of less than 4.0% and delinquency over 12.0%
    What the heck took the NCUA so long to shut it down? People for People was going down hill quickly and picking up a lot of speed.

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