Chartway FCU Buys Assets of Utah Central CU
The $1.8 billion Chartway FCU of Virginia Beach, Va., has purchased and assumed the assets of Utah Central CU after Utah regulators seized control of the $157 million Salt Lake City credit union and appointed the NCUA as liquidating agent.
It was the seventh federally insured credit union that has been liquidated this year.
Utah Central CU has seen the value of its real estate portfolio decline for at least each of the past four quarters. It lost $547,000 last year, $3.3 million in 2009 and $3 million in 2008.
Its delinquent loan ratio was 3.62% at the end of March and 3.92% at the end of last December, according to financial performance reports filed with the NCUA. It had a negative return on average assets during each of the past four quarters.
This is the third credit union the 10-state, 60-branch Virginia institution has purchased in Utah. Last year it purchased the assets of the $311 million HeritageWest Credit Union and the $139 million SouthWest Community Credit Union.