Sunday, October 18, 2015

Quemado FCU Merged with NCUA Assistance

The National Credit Union Administration (NCUA) disclosed that Quemado Federal Credit Union (Quemado, TX) was merged with NCUA assistance.

But don't look for a press release regarding this failure, there is not one. You will only find information about this failure here.

According to its most recent financial data, the credit union reported a loss of $163,243 through the first six months of 2015 after it increased provisions for loan losses by slightly more than $163,000. As a result, the credit union saw its net worth ratio fall from 13.68 percent at the end of the first quarter of 2015 to 2.91 percent as of June 2015.

The credit union reported that over 27 percent of its loans were 50 days or more past due as of June 30.

Border FCU (Del Rio, TX) acquired Quemado FCU.

This is the fourth NCUA assisted merger this year and 11th credit union to be closed during 2015.

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