First Delta FCU Merged With Shreveport FCU
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.