JOHNSTOWN, Pa. — NCUA has liquidated $2.7 million Cambria Federal Credit Union a local newspaper reported.
According to The Tribune-Democrat, NCUA did not provide a reason for the liquidation; the agency has not even shared a news release with 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 dropped from 9.19% in June 2006 to 6.61% as of March 2007. Loan delinquencies over two months shot up 283.6% in first quarter, after rising 84.4% in the fourth quarter of last year. Return on assets 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 at 0.53% as of March 2007. Cambria’s loan growth dropped precipitously for nearly a year but jumped 13.65% in the first quarter.
Deposits at Cambria FCU are federally insured up to at least $100,000.