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.

No comments:

Post a Comment

 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.