Western Federal CU Buys Assets of Oakland Municipal Credit Union
Western Federal Credit Union purchased and assumed the assets of Oakland Municipal Credit Union after the NCUA was named Oakland Municipal's liquidating agent.
Oakland Municipal, which had assets of $88 million, had serious financial problems last year. Its net income fell 689.9% in the fourth quarter, following a 272.8% decline in the third quarter.
Its net worth ratio was 4.95% in the fourth quarter, up from 4.73% in the third quarter.
Its delinquent loan ratio was 14.39% in the fourth quarter and 13.73% in the third quarter.
It had a negative return on average assets during the third and fourth quarters.
Oakland Municipal was chartered in 1964 and had 7,800 members.