The National Credit Union Administration (NCUA) on March 14 placed Beverly Bus Garage Federal Credit Union, in Chicago, Illinois, into conservatorship.
The NCUA placed Beverly Bus Garage Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union.
The credit union had a net worth ratio of 41.92 percent, according to its most recent Call Report. However, the credit union at the end of 2017 had a delinquency rate of 5.96 percent and net charge-off rate of 5.26 percent -- both measures were well above their peer average.
Beverly Bus Garage Federal Credit Union is a federally insured credi union with 1,300 members and assets of $4,029,521.
This is the second credit union to be placed into conservatorship this year.
Read the press release.
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