NCUA Liquidates South End Mutual Benefit Association
The NCUA was named receiver/liquidator of South End Mutual Benefit Association in Connecticut after the state decided to close the state-chartered credit union, which had $2.4 million in assets.
South End, headquartered in Bloomfield, Conn., had a 43.9% decline in assets from Dec. 31, 2009 to March 31, 2010. Its loan income declined 100.8% during that period.
The ratio of delinquent loans to total loans was 33.89% at the end of March, compared with 26.37% in December. Its net worth ratio was 12.55% at the end of March, compared with 15.33% at the end of December. It had a negative return on average assets at both the end of March and at the end of December.
The 385-member credit union, which has operated since 1945, is the fifth federally insured credit union liquidated this year.