ALEXANDRIA, Va. — Last week, NCUA determined it necessary toplace Mt. Hebron Baptist Federal Credit Union into conservatorshipto bring it back to a safe and sound operating status.
|The agency conserved the $30,906-asset credit union and iscontinuing service uninterrupted to its 104 members.Conservatorship of a credit union helps continue normal operationswhile putting expert management in place.
|While the credit union reported 54% net worth at the end ofMarch, its delinquency ratio was over 87%. Return on assets wasnegative 15%, according to NCUA Call Report data.
|NCUA Regional Director Edward P. Dupcak executed theconservatorship order on behalf of the NCUA Board. The FederalCredit Union Act authorizes the NCUA Board to appoint itselfconservator when necessary to conserve the assets of a federallyinsured credit union and protect members' interests.
|The agency assured that member accounts are insured by theNCUSIF up to $100,000 while certain retirement accounts are coveredup to $250,000.
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