JOHNSTOWN, Pa. — NCUA has liquidated $2.7 million CambriaFederal Credit Union a local newspaper reported.
|According to The Tribune-Democrat, NCUA did not provide a reasonfor the liquidation; the agency has not even shared a news releasewith the trade press as is the usual practice.
|Looking at Cambria's financial situation based on NCUA's data,the credit union appeared to be in trouble. Net worth had droppedfrom 9.19% in June 2006 to 6.61% as of March 2007. Loandelinquencies over two months shot up 283.6% in first quarter,after rising 84.4% in the fourth quarter of last year. Return onassets was rocky at a very respectable 1.73% as of September 2006,then down to -1.10% as of December, but landing near its peers at0.53% as of March 2007. Cambria's loan growth dropped precipitouslyfor nearly a year but jumped 13.65% in the first quarter.
|Deposits at Cambria FCU are federally insured up to at least$100,000.
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