Friday, May 17, 2013

NCUA Conserves Tiny Alabama Credit Union

The National Credit Union Administration (NCUA) assumed control of First Kingdom Community Federal Credit Union of Selma, Ala.

During the conservatorship, NCUA will work to resolve issues affecting the institution’s safety and soundness. The credit union is undercapitalized with a net worth ratio of 5.64 percent and unprofitable.

Chartered in 2007, First Kingdom Community Federal Credit Union is a low-income credit union serving Dallas County, Alabama. As of the end of March 2013, the credit union reported serving 76 members and has assets of approximately $88,400.

Read the press release.
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