The NCUA liquidated the $2.4 million Shiloh of Alexandria FCU just one day after the failed credit union’s manager had been laid to rest.
According to an April 10 obituary published in the Washington Post, Shiloh’s volunteer manager, John C. DuPree Jr., died April 4 at the age of 48.
His funeral was held on Thursday at the Shiloh Baptist Church’s Worship Center, just steps away from the failed credit union’s offices on the Shiloh Baptist campus, and only a couple of blocks from the NCUA’s Alexandria, Va., headquarters.
Dan Morrissey, CEO of the $2 million Queen of Peace FCU of Arlington, Va., attended the funeral. Morrissey said he learned of DuPree’s death from Helen DuPree, John Jr.’s mother and widow of John DuPree Sr., the community development credit union’s founder.
Morrissey said the shock of DuPree’s death was surpassed by the shock he experienced Saturday morning, when he read in Credit Union Times that Shiloh of Alexandria had been liquidated.
“It’s tough on small credit unions when these things happen,” he said. Morrissey said he hadn’t heard why the credit union had been liquidated, but said he thinks the NCUA will release more information in the future.
The NCUA said it made the decision to liquidate the credit union after determining it was insolvent and had no prospect for restoring viable operations. Shiloh of Alexandria’s Dec. 31, 2012 financial reports showed no history of trouble: it reported 16.52% net worth, 1.08% delinquent loans and no charge offs. Return on average assets was 1.37%.
A message left at Shiloh Baptist Church was not immediately returned.
Morrissey said John DuPree Jr. worked full time at the Environmental Protection Agency and managed the credit union on nights and weekends. According to his obituary, burial was to be at Arlington National Cemetery.