The NCUA announced Friday that it has liquidated the $3.4million I.C.E. FCU of Inglewood, Calif.
|The agency said it decided to liquidate the small credit union and discontinue operations after determiningthe credit union was insolvent and had no prospect for restoringviable operations.
|Chartered in 1939, I.C.E. served Inglewood city employees andtheir immediate family members. The credit union had threeemployees, according to its website.
|According to NCUA records, as of Dec. 31 the 942-member I.C.Ehad 7.67% net worth, but was plagued with a history of negativereturns on assets and a delinquency rate of 4.65% of total loans.However, charge offs were minimal to non-existent over the pastyear.
|The credit union posted a $17,947 loss in 2012 and hadn't had apositive year-end gain since 2008, when it reported a little under$6,907 net profit.
|The NCUA said its Asset Management and Assistance Center willissue correspondence to individuals holding verified share accountsin the credit union within one week regarding their insureddeposits.
|I.C.E. is the third federally insured credit union liquidation in 2013.
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