Friday, August 2, 2013
Almost $10 Million in NCUSIF Losses from Lynrocten Failure
According to a NCUA spokesperson, the losses to the NCUSIF from the failure of Lynrocten FCU (Lynchburg, VA) is estimated at approximately $10 million.
According to the credit union's March 2013 Call Report, the credit union had approximately $13.8 million in assets and $9.5 million in insured shares (deposits).
This would suggest a loss rate on insured shares approaching 100 percent.
According to the credit union's March 2013 Call Report, the credit union had approximately $13.8 million in assets and $9.5 million in insured shares (deposits).
This would suggest a loss rate on insured shares approaching 100 percent.
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nice!
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