WASHINGTON – West Hartford Credit Union today become the 14th federally insured credit union liquidated by the NCUA this year after it was closed by the Connecticut Department of Banking.
The state regulator closed the Farmington, Connecticut-based credit union after determining it had problems with its "capital level, earnings, delinquency, recordkeeping and management."
According to a financial information summary filed with NCUA, as of September 30, the credit union had assets of $2.8 million, a 24.6% decline from the previous quarter. It experienced a 129.9% increase in its allowance for loan and lease losses. It also had an 8.9% increase in loan income during the third quarter and a 6.9% decline in investment.
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The credit union, which had 1,206, has been in existence since 1950. It served Litchfield, Hartford, Middlesex and New Haven Counties.
The NCUA Asset Management and Assistance Center will issue checks to members holding verified share accounts in the credit union within one week. The NCUA National Credit Union Share Insurance Fund insures credit union member deposits to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.
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