Friday, June 21, 2013

NCUA Seizes PEF FCU

The National Credit Union Administration (NCUA) today assumed control of service and operations at PEF Federal Credit Union of Highland Heights, Ohio.

Chartered in 1957, PEF Federal Credit Union serves 2,974 members and has assets of approximately $31.3 million, according to the credit union’s most recent Call Report.

PEF FCU reported losses of $3.6 million for 2012 and $48,707 for the first quarter of 2013. The credit union reported a delinquent loan ratio of 10.59 percent and net charge-off rate of 6.17 percent at the end of March 2013.

However, the change in the net worth position of the credit union is a head scratcher. At the end of 2012, the credit union reported a net worth of minus 81,643. But as a March 2013, the credit union reported a net worth of positive 1,337,252.

The change in net worth was primarily due to undivided earnings going from -494,116 at the end of 2012 to 973,485 at the end of March 2013.

Read the press release.
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1 comment:

  1. AnonymousJune 22, 2013 at 12:04 PM

    is there anything ncya does that is NOT a head scratcher?
    here is one, yet few seem to notice.
    why conserve a 30 million asset credit union?
    why not resolve it?
    here is why.
    no other credit union will absorb all the losses in a merger FOR ncya AND ncya does not have the capital to absorb it, or texans or aea or...or...or...or...we expect our credit union to be paying for this forever.

    ReplyDelete

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