NCUA Closes Land of Enchantment FCU, Assets Bought by Guadalupe CU
The NCUA liquidated Land of Enchantment FCU, and Guadalupe Credit Union purchased and assumed its assets, liabilities and members.
Land of Enchantment FCU, which was located in Santa Fe, N.M., had assets of approximately $8.6 million, according to the NCUA, and its assets declined 5% in the fourth quarter of 2010. Assets had declined during each of the previous three quarters as well.
Its net worth ratio was 1.4% at the end of December.
The credit union’s delinquency ratio soared to 9.67% at the end of December, up from 2.99% at the end of September.
It’s return on average assets was negative in December as it was during three of the last four quarters.
The credit union, which was founded in 1951, had 1,593 members.
Guadalupe Credit Union, which is also located in Santa Fe, has $102 million in assets and serves approximately 10,500 members.
Land of Enchantment FCU is the fifth federally insured credit union that has been liquidated in 2011.