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.