NCUA Closes Convent FCU
Following five consecutive quarters of negative return on average assets and declines in loan and investment income, the NCUA liquidated the Convent Federal Credit Union in New York City.
The $153,000-asset credit union had a -2.93 return on average assets during the first three months of this year. Its delinquency loan ratio was 39.24% and its net worth ratio 7.92%.
During the first quarter of 2010, its loan income declined 24.7% and its investment income fell 70.2%.
The credit union, which had 213 members, was founded in 1960 to serve members of the Convent Avenue Baptist Church.
It is the eighth credit union that the NCUA has liquidated in 2010.