NCUA Shuts Down Small California Credit Union
The NCUA announced Friday that it has liquidated the $3.4 million I.C.E. FCU of Inglewood, Calif.
The agency said it decided to liquidate the small credit union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Chartered in 1939, I.C.E. served Inglewood city employees and their immediate family members. The credit union had three employees, according to its website.
According to NCUA records, as of Dec. 31 the 942-member I.C.E had 7.67% net worth, but was plagued with a history of negative returns on assets and a delinquency rate of 4.65% of total loans. However, charge offs were minimal to non-existent over the past year.
The credit union posted a $17,947 loss in 2012 and hadn’t had a positive year-end gain since 2008, when it reported a little under $6,907 net profit.
The NCUA said its Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week regarding their insured deposits.
I.C.E. is the third federally insured credit union liquidation in 2013.