The Wisconsin Office of Credit Unions placed A M Community Credit Union of Kenosha, Wisc., into liquidation today. The National Credit Union Administration (NCUA) was appointed liquidating agent by the Wisconsin Office of Credit Unions.
TruStone Financial Federal Credit Union of Plymouth, Minn., immediately purchased and assumed A M Community Credit Union’s members, deposits, core facilities, and consumer loans.
A M Community was placed under NCUA conservatorship on February 17 of this year.
A M Community reported losses of $8.2 million for 2011 and $1.5 million for the first six months of 2012. As of June 2012, the credit union was critically undercapitalized with a net worth ratio of 1.66 percent and had a delinquent loan ratio of 14.31 percent.
A M Community had $11.2 million in member business loans, of which almost 48 percent were 60 days or more past due.
At liquidation, A M Community had $121.8 million in assets and served 15,993 members.
A M Community Credit Union is the seventh federally insured credit union liquidation in 2012 and the second Wisconsin credit union to be liquidated this year. Wassau Postal Employees Credit Union was liquidated on May 18, 2012.
Read the press release.
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