The NCUA announced Friday it was placing the $333 million Chetco FCU of Brookings Harbor, Ore., into conservatorship.
The 32,000-member CU had a negative net income during three of the past four quarters and lost $212,215 during the second quarter.
Its net worth ratio was 5% at the end of June. At the end of June its delinquent loan ratio was 19%, up from 11% at the end of March.
It had return on average assets of -0.13% at the end of June, compared with 0 .5% at the end of March. In July, Chetco FCU hired credit union consultant Diane Johnson as its new CEO.
Johnson succeeded Stanley Baron, who retired in June after 11 years in the position. Executive Vice President/General Counsel Peter Spratt was interim CEO before Johnson started.
Chetco FCU is a community chartered credit union serving Coos and Curry Counties, Ore., and Del Norte County, Calif.
Service to members will continue uninterrupted, the agency said.
