Prosperity Federal Credit Union purchased and assumed the loans and shares of Second Baptist Church Credit Union, following the NCUA being appointed Second Baptist's liquidating agent by the California Department of Financial Institutions.
Second Baptist Church CU, which had 388 members and assets of $920,909 as of June 30, had a 14% increase in assets during the second quarter, the last one that data is available for. It is located in Los Angeles.
As of June 30, its net worth ratio was 9.25%, own from 11.52%of March 31 and 33.23% as of June 30, 2008, according to its report filed with the NCUA. The report showed that 5.13% of its loans were delinquent as of June 30, compared with 21.32% at the end of March and 3.18%
Its return on average assets was -9.47% as of June 30, compared with -19.32% at the end of March and 2.35% as of June 30, 2008.
It is the 12th federally insured credit union liquidated by the NCUA this year.
Prosperity Federal Credit Union, located in Rancho Domingue, California, has $14.4 million in assets and serves approximately 2,900 members.
