United FCU Purchases and Assumes Assets of Clearstar Financial CU
United Federal Credit Union late Friday purchased and assumed the assets, loans and shares of Clearstar Financial Credit Union.
Clearstar, which was headquartered in Reno, Nevada, had a net worth ratio of 4% as of June 30, compared with 7.6% on June 30, 2008, according to a report filed with the NCUA. The report showed that 2% of its loans were delinquent as of June 30, compared with 1% on June 30, 2008.
The credit union's return on average assets was -3.89%, compared with -1.89% on June 30, 2008.
Clearstar Financial Credit Union had $144 million in assets and 16,000 members. United Federal Credit Union, headquartered in St. Joseph, Michigan, has assets of $941 million.
The NCUA was Clearstar's liquidating agent following the decision by the Nevada Division of Financial Institutions to close the credit union.