ALEXANDRIA, Va. — NCUA recently assumed control of $51 million Obelisk Federal Credit Union located in New Albany, Ind., it announced last week.

Full service to the credit union's 13,800 members will continue uninterrupted. The conservatorship puts NCUA-selected management in place to continue normal operations and correct previous service and operational weaknesses. The agency would not provide any further comment. Though Obelisk's mortgage delinquencies were creeping upward and return on average assets was low, according to its yearend financial performance reports filed with NCUA, its capital position was strong at 9.08% at yearend 2006.

NCUA assured that member deposits are insured up to at least $100,000 by NCUSIF. The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members' interests or protect the NCUSIF.