NCUA Shutters CU in Pennsylvania
NCUA announced this afternoon that it has liquidated the $2.5 million Lawrence County School Employees Federal Credit Union, which had been headquartered in New Castle, Pa.
At the time of its liquidation, Lawrence County FCU had just over 1,000 members whose accounts have been picked up by the First Choice Federal Credit Union, also of New Castle.
NCUA records document Lawrence County FCU's precipitous decline. As of March 2009, just one year ago, the credit union had $6.4 million in assets and a new worth ratio of 14.79%. But the CU was also showing signs of trouble. The return on average assets in December 2008 came in at 0.44%, but the very next quarter saw that ratio drop to negative 2.79 and it never recovered.
The credit union was chartered in 1937.