Considering the $23.6 million Taupa Lithuanian Credit Union'srosy financial performance reports, there's more to the story ofwhy the Ohio Division of Financial Institutions liquidated theCleveland, Ohio credit union on Friday.

According to financials posted on the NCUA's website, the creditunion reported 10.31% net worth, 0.78% delinquencies and no chargeoffs as of March 31. One abnormal financial statistic was cost offunds, which at 0.87% was much higher than the peer average of0.36%.

However, the failed credit union'swebsite revealed it was not paying above average dividends tomembers: savings accounts paid just 0.15% APY, while checkingdividends varied from 0.01% to 0.10%, depending upon balance. Thehighest dividend paid was 0.40% APY on a $25,000 or largercertificate.

Liquidity was not an issue, indicating the credit union did nothave outstanding borrowings that were driving up cost of funds. Thecredit union's loan-to-share ratio as of March 31 was less than35%, far below peer averages. And, the institution reported aconsiderable amount of cash on its books, more than $15 million asof March 31, with just $729,595 in investments. Total loans were$7.4 million during that period.

The credit union was even reporting a healthy profit, with a0.42% ROAA as of March 31.

According to a release, the Ohio DFI made the decision toliquidate the 1,154 member cooperative and discontinue itsoperations after determining the credit union had no prospect forrestoring viable operations.

The NCUA was named liquidating agent, but NCUA Public AffairsSpecialist John Fairbanks said he could not make any additionalcomment beyond the release.

Chartered in 1984, Taupa Lithuanian served the Lithuaniancommunity of Cleveland and Northeast Ohio. On its website, thecredit union claimed it earned a five-star rating from BauerFinancial.

Taupa Lithuanian Credit Union is the 11th federally insuredcredit union liquidation in 2013. On June 28, the NCUA liquidated the $9.3 million OchsnerClinic FCU of New Orleans, La., despite that credit unionreporting healthy financials.