The National Credit Union Administration (NCUA) liquidated Women’s Southwest Federal Credit Union (WSFCU) of Dallas, Texas.
NCUA made the decision to liquidate WSFCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
As of the end of September 2012, the credit union had a net worth ratio of 7.54 percent. The credit union also reported that 5.07 percent of its loans were 60 days or more past due. In comparison, a year earlier the credit union reported a delinquent loan rate of 0.27 percent.
WSFCU served 743 members and had deposits of approximately $2 million.
WSFCU is the tenth federally insured credit union liquidation in 2012 and the second credit union in Texas to be liquidated this year.
Read the press release.
Gosh Keith - there are so many openings here but I just can't go there! The NCUA indicated they were insolvent with no prospect of survival. So were they operating in the hole?
ReplyDeleteBeep... Beep... Beep...Back it Up...Back it Up...
Why is keys FCU and texans still conserved and not shutdown like this tiny cu?
ReplyDeleteDoes NCUA not have the funds to absorb them?
At the rate NCUA is dealing with the camel 4/5 credit unions, it will be years before we know what this will cost us