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ALEXANDRIA, Va. – Union Pacific Streamliner Federal Credit Union was recently placed into conservatorship by NCUA. The credit union’s 7,500 members will enjoy uninterrupted service, according to the agency. Deposits are insured up to $100,000 by the NCUSIF, NCUA assured. The return on average assets at the $38.7 million credit union plummeted over the last year to -1.08% for the fourth quarter, its December 2005 Call Report disclosed. Net income at the credit union in the last quarter fell 1,145%. NCUA Director of Public and Congressional Affairs John McKechnie could not comment further on the situation as to the reason for the institution’s problems and when or if it could be returned to member control. Conserving a credit union in a precarious financial position is an option for the regulator and NCUA says it does so with the hope of restoring the credit union to a safe and sound state. Union Pacific Streamliner Federal Credit Union was chartered in 1937 and primarily serves the headquarters employees and family members of Union Pacific Railroad in Omaha, Nebraska.

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