Eight months after placing First Delta FCU into conservatorship following several quarters of difficulties, the NCUA yesterday merged it with Shreveport FCU.
First Delta FCU, which had $5.6 million in assets and was located in Mark, MS, had a net worth ratio of -1.41% at the end of March, compared with -1.63% at the end of December. In March 2009 its net worth ratio was 3.87%.
Its delinquent loan ratio was 2.58% at the end of March, compared with 2.78% at the end of December.
Its return on average assets was 0.86% at the end of March, compared with -6.74% at the end of December and -5.55% at the end of last September.
First Delta FCU was chartered in 1981 and had approximately 3,000 members. The credit union was knocked off course by a combination of the poor economy and damage caused by an employee's long term embezzlement of credit union funds.
Shreveport FCU, headquartered in Shreveport, La., has $81.9 million in assets and has more than 18,000 members.