Friday, March 4, 2016

NCUA Closes Education Associations FCU

The National Credit Union Administration liquidated Education Associations Federal Credit Union of Washington, D.C.

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

The credit union reported a loss of $17,547 for 2015, after reporting a loss of $13,400 for 2014. The credit union was well capitalized as of December 2015 with a net worth ratio of 7.08 percent. In addition, the credit union was reporting a delinquent loan ratio of 1.76 percent.

Education Associations Federal Credit Union served 665 members and had assets of $2,596,701, according to the credit union’s most recent Call Report.

This is the third credit union to be liquidated this year.

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.