NCUA Liquidates Mutual Diversified Employees FCU
The NCUA on Friday liquidated Mutual Diversified Employees Federal Credit Union of Santa Ana, Calif. and its assets were purchased by SchoolsFirst Federal Credit Union in the same city.
Mutual Diversified Employees FCU had $6 million in assets at the end of December, a 38.2% decline since the end of October. Its delinquent loan ratio was 46% and it had a negative return on assets. It had 748 members.
SchoolsFirst FCU has $8 billion in assets and 433,521 members.
This is the third liquidation of a federally insured credit union this year.