Washington Regulator Liquidates Union CU
Citing loan losses, Washington Department of Financial Institutions closed The Union Credit Union of Spokane on Friday and appointed the NCUA as liquidating agent.
The state agency approached 18 other credit unions in the state and couldn't find a merger partner, the agency's top credit union regulator Linda Jekel told the Seattle Times.
Therefore, it made deals for Spokane-based Numerica Credit Union to take its members and their deposit accounts and for Alaska USA FCU to assume some assets and liabilities, such as its loan portfolio.
The Union Credit Union, a one-branch operation with approximately 3,000 members, had $11.8 million in assets as of September 30, compared with $12.2 million at the end of June.
Its net worth ratio was -0.35% at the end of September, compared with 1.14% at the end of June. Its loan delinquency ratio was 6.78% as of September 30, compared with 5.95% as of June 30.
Its return on average assets was -4.68% as of September 30, compared with -4.28%.as of June 30.
It is the 17th federally insured credit union to be closed this year and the first credit union in Washington State closed since 1995.
The credit union was chartered in 1968 by a local affiliate of a bricklayers union.