Thursday, March 15, 2018

Beverly Bus Garage FCU Conserved

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.
Posted by at
Labels: ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

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.