Friday, July 10, 2015

Trailblazer FCU Closed; Deposits and Members Assumed by Chrome FCU

The National Credit Union Administration today liquidated Trailblazer Federal Credit Union of Washington, Pennsylvania.

Chrome Federal Credit Union of Washington, Pennsylvania, immediately assumed Trailblazer’s members and deposits.

NCUA made the decision to liquidate Trailblazer Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

According to the credit union's March 2015 Financial Performance Report, the credit union was profitable with a return on average assets of 1.09 percent and had a net worth ratio of 9.40 percent. The credit union was reporting that 4.73 percent of its loans were 60 days or more past due. The credit union in the first quarter of 2015 reported negative asset, share (deposit), loan, and membership growth.

At the time of liquidation, Trailblazer Federal Credit Union served 1,535 members and had assets of $4.1 million.

This is the fourth federally insured credit union to be liquidated this year. Trailblazer FCU was the second credit union in Pennsylvania to be liquidated this year. On January 30, 2015, NCUA liquidated American Bakery Workers Federal Credit Union.

Read the press release.

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