Friday, November 1, 2013

Mayfair FCU Placed into Conservatorship

The National Credit Union Administration today assumed control of service and operations at Mayfair Federal Credit Union in Philadelphia.

Chartered in 1936, Mayfair Federal Credit Union serves a low-income community in Philadelphia. Mayfair Federal Credit Union has 1,527 members and $14.3 million in assets, according to the credit union’s most recent Call Report.

The credit union reported a delinquent loan ratio of 14.08 percent as of September 30, 2013. The delinquent loan ratio was up from 9.46 percent in June 2013.

Mayfair Federal Credit Union is the fourth federally insured credit union placed into conservatorship during 2013.

Read the press release.

1 comment:

  1. Mrs. fryzel- "honey, what did you do at the office today?"
    Michael- " honey, I bagged me another tiny credit union"
    Mrs. F- "low income again"
    M-" yep. It's not every day you can conserve a $14 million asset instituion. Heck, I know bill Cheney's pension is bigger than that but still, we got us one. Still have 300 to go and billions in assets...the big stuff we can't afford to close, but at this rate, we can keep this charade going forever!"
    Mrs. F- " you and all your playmates are doing such a good job for the public trust"
    M-" yep, just wish they knew about our silent service"



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