Conserved Obelisk FCU Merged into $649M Centra CU
ALEXANDRIA, Va. -- NCUA took over $55 million assets Obelisk Federal Credit Union back in April and has now found a merger partner for it.
NCUA said the administrative maneuver was made for "service and operational weaknesses." The Obelisk's first quarter figures show that the credit union struggled with delinquencies, which grew 118% in the 6-12 month category. Credit cards 1-2 months delinquent were up 596.3% and return on assets was a negative 30.78%. Thus, Obelisk became undercapitalized at 1.41% net worth.