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.