The National Credit Union Administration (NCUA) was appointed liquidating agent of Oakland Municipal Credit Union of Oakland, by the California Department of Financial Institutions (DFI); and Western Federal Credit Union of Manhattan Beach, California, immediately purchased and assumed Oakland Municipal’s assets, liabilities and members.
At closure, Oakland Municipal had approximately $88 million in assets and served 7,800 members.
The credit union reported a net worth ratio of 4.95 percent as of the end of 2010. It also reported that $8.3 million in loans were at least 60 days or more past due or 14.39 percent of its loans. Roughly $3 million in loans were charged off in 2010 for a net charge-off rate of 4.81 percent.
Read NCUA Press Release
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