The NCUA liquidated Family First FCU of Orem, Utah and its assets, liabilities and members were purchased and assumed by Security Service FCU of San Antonio, Texas, the agency announced late Tuesday night.
Family First's assets declined by 5.9% in the last quarter of 2010 and the value of its loan portfolio declined by 9.6%.The NCUA assumed control of $119 million Family First CU's operations last July 30.
It had a net worth ratio of -10.19% at the end of the last quarter of 2010, compared with -0.03% at the end of the third quarter.
Its delinquent loan ratio was 4.4% at the end of the fourth quarter of 2010, compared with 4.8% at the end of the third quarter.
It had a negative return on assets during the last three quarters of 2010.
Family First FCU was established in 1947 and served 18,000 members.
