Saturday, October 11, 2014

County & Municipal Employees CU Closed

The Texas Credit Union Department liquidated County & Municipal Employees Credit Union of Edinburg, Texas, and named the National Credit Union Administration as liquidating agent.

Navy Army Community Credit Union of Corpus Christi, Texas, immediately assumed County & Municipal Employees Credit Union’s members, assets, shares and selected loans.

The Texas Credit Union Department made the decision to liquidate County & Municipal Employees Credit Union and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.

The credit union reported a loss of almost $3.4 million through the first nine months of 2014. As of the end of the third quarter, the credit union was critically undercapitalized with a net worth ratio of 0.85 percent. Also, 21 percent of the credit union's loans were 60 days or more delinquent.

County & Municipal Employees Credit Union had assets of $40.3 million and served 7,173 members, according to the credit union’s most recent Call Report.

County & Municipal Employees Credit Union is the ninth federally insured credit union liquidation in 2014.

Read the press release.
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