The NCUA placed Family First FCU into conservatorship last night and said its problems stemmed from difficulties with its loan portfolio.
The agency said the $139.5 million institution based in Orem, Utah wasn't adequately capitalized.
The credit union's delinquent loan ratio was 7.44% as of March 31, the latest call report the agency had on file. Its delinquency ratio was 6.85% as of Dec. 31 and 6.68% as of Sept. 30.
Its net worth ratio slid to 2.72% as of March 31.
Return on average assets for the credit union was 0.26% as of March 31, -3.55% as of Dec. 31, and -3.36% as of Sept. 30.
The credit union had $125.6 million in loans as of March 31, a 9.7% decline from $139.1 million at yearend, which represented a 6.9% decline from $149.4 million Sept. 30.
Family First FCU, which was founded in 1947, has 19,476 members.
