Saturday, September 6, 2014

Louden Depot CU Closed

The Iowa Credit Union Division was granted authority by the District Court to place Louden Depot Community Credit Union of Fairfield, Iowa, into receivership and then tendered the receivership to the National Credit Union Administration.

Community 1st Credit Union of Ottumwa, Iowa, immediately assumed most of Louden Depot Community Credit Union’s members, assets, and loans.

The Iowa Credit Union Division made the decision to take over management of Louden Depot Community Credit Union and determined the credit union was insolvent with no prospect for restoring viable operations on its own. Financial irregularities probably contributed to the credit union's failure, as the credit union's most recent call report filing indicated that the credit union was well capitalized and profitable.

Louden Depot CU had almost $5 million in assets at the time of its closing.

Louden Depot Community Credit Union is the seventh federally insured credit union liquidation in 2014.

Read the press release.

No comments:

Post a Comment