Friday, January 8, 2016

Northwest Baptist CU Merged with NCUA Assistance

The National Credit Union Administration (NCUA) merged Northwest Baptist Federal Credit Union (Seattle, WA) into Seattle Metropolitan Credit Union.

The merger occurred on September 30; but was not reported as a closed credit union until early 2016.

According to its most recent Call Report, this low-income credit union had $3.4 million in assets and 960 members. The credit union was undercapitalized and reported a loss. Its Financial Performance Report showed that the credit union reported negative share, loan, asset, net worth, and membership growth.

Northwest Baptist was the fifth credit union to be merged in 2015 with NCUA assistance.

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