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From the December-16, 2009 issue of Credit Union Times Magazine • Subscribe!
NCUA Closes Ohio CU
The Fairfield County Ohio Federal Employees FCU became the 14th credit union closed by the NCUA
During the last quarter, the credit union's equity declined 359%, its loan income fell 75.3% and its investment income fell 100%, according to the financial report it filed with the NCUA.
Its return on average assets was a negative 96.23%, down from a positive 1.09% in the second quarter. Its ratio of delinquent loans to total loans was 28.19%, up from zero in the second quarter.
The Lancaster, Ohio-based credit union, which was chartered in 1957, had 747 members and approximately $1.4 million in assets.
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