Thursday, December 13, 2012

G.I.C. FCU Liquidated

The National Credit Union Administration (NCUA) liquidated G.I.C. Federal Credit Union of Euclid, Ohio.

NCUA made the decision to liquidate G.I.C. Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

This credit union failure is very suspicious as NCUA's September 2012 Financial Performance Report indicated that the credit union was very well capitalized with a net worth ratio of 14.40 percent and was profitable with a return on assets of 0.83 percent.

G.I.C. Federal Credit Union served 3,476 members and had assets of approximately $15.5 million.

G.I.C. Federal Credit Union is the twelfth federally insured credit union liquidation in 2012.

Read the press release.
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