Friday, October 28, 2011

Birmingham Financial FCU Placed into Conservatorship

The National Credit Union Administration (NCUA) assumed control of service and operations at Birmingham Financial Federal Credit Union of Birmingham, Ala.

Birmingham Financial FCU is a low-income credit union and serves 429 members.

According to its call report, Birmingham Financial experienced a significant contraction between the first quarter and the second quarter of this year as its assets fell from almost $5 million to $1.3 million. The credit union reported holding almost $4.2 million in nonmember deposits as of March 31 of this year. As of June, the credit union reported holding only $200,000 in nonmember deposits.

Through the first six months of 20111, the credit union reported a loss of almost $108,000. The credit union reported a loss of $54,000 for 2010.

As of June 30, loans 60 days or more past due were $235,360. In other words, 26.91 percent of its loans were 60 days or more past due. An additional $187,242 of loans were 30 days to 60 days past due.

Read the press release.

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