The NCUA yesterday liquidated The Members' Own FCU and accepted the offer of Alaska USA FCU to purchase the assets and assume the member shares.
The Members' Own FCU, is a 11,000-member credit union with $85 million in assets in Victorville, Calif., had a 4% decline in assets in the second quarter.
As of June 30, its net worth ratio was 0.94%, compared to 1.32% as of March 31 and 7.55% on June 30, 2008, according to a report filed with the NCUA. The report showed that 6.76% of its loans were delinquent as of June 30, compared with 8.62% on March 31 and 7.06% on June 30, 2008.
The Members' Own FCU's return on average assets was -10.33%, as of June 30, compared with -18.62% as of March 31 and -2.60% on June 30, 2008.
Alaska USA FCU is a $4.1 billion, 375,000-member credit union headquartered in Anchorage, Alaska.
