The Wisconsin Office of Credit Unions liquidated Wausau Postal Employees Credit Union of Wausau, Wis., and appointed the National Credit Union Administration (NCUA) as liquidating agent. NCUA immediately signed an agreement with $1 billion CoVantage Credit Union of Antigo, Wis., to purchase and assume Wausau Postal Employees Credit Union’s assets, liabilities, and membership.
Wausau Postal Employees Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption. At the time of liquidation, the credit union served 845 members and had $8.4 million in assets.
According to its March financial data, the credit union was well capitalized with a net worth ratio of 11.65 percent. However, the credit union reported that 6.63 percent of its loans were delinquent.
Read the press release.
The Wisconsin regulator and NCUA carried this out without any loss to the credit union deposit insurance fund. On the same afternoon, FDIC shut Alabama Trust Bank in Sylacauga, Alabama with an $8.9 million dollar loss to the FDIC. Happy BFF (Bank Failure Friday).
ReplyDeleteHow would you know that? The NCUA does not release information about the "agreements" they sign and what is involved.
DeleteThe NCUA continues to place credit unions into conservatorship. No new credit unions are in formation. Each year the number of credit unions declines. I see a trend here. Soon there will be only a handful of credit unions for the NCUA to regulate. Time to turn the lights off.
ReplyDeletelove the cu zealot mind set in first reply. cuna must have a policy that no matter how truthful something is, it must get a reply from cuna, no matter how STUPID the reply may be, or DISHONEST.
ReplyDeletechildren.
what is particularly funny is that cuna and its minions think that we dont get it.
we do.
now we get to see what happens.
time to turn the lights out, is right.
how many cuna people does it take to turn the lights out?
here is a question for cuna.
why dont you have our back?
you are practically an accomplice to ncua.