NCUA Shutters Community One FCU
The NCUA announced today that it had closed down Community One FCU of Las Vegas and its assets and shares were purchased by America First FCU.
Community One, which had $159 million in assets and 21,098 members, was hurt by the real estate and other economic problems that have been especially acute in Nevada.
According to its June 5300 Call Report, Community One's net income fell 95.3% in the second quarter of this year. Its net worth ratio was 0.55%, compared with 1.97% as of March 31. Delinquencies to total loans hit 5.23%. The ratio of its delinquent loans to net worth was 809% as of June 30, compared with 230% in March.
It is the NCUA's fifth credit union liquidation this year and the second in which the NCUA helped facilitate a purchase and assumption by another credit union. The NCUA doesn't provide details on the assistance it gives credit unions that purchase the assets and shares of the troubled credit union.
America First FCU, headquartered in Ogden, Utah, has $4.9 billion in assets and 495,939 members.