United Federal Credit Union late Friday purchased and assumed the assets, loans and shares of Clearstar Financial Credit Union.
Clearstar, which was headquartered in Reno, Nevada, had a net worth ratio of 4% as of June 30, compared with 7.6% on June 30, 2008, according to a report filed with the NCUA. The report showed that 2% of its loans were delinquent as of June 30, compared with 1% on June 30, 2008.
The credit union's return on average assets was -3.89%, compared with -1.89% on June 30, 2008.
Clearstar Financial Credit Union had $144 million in assets and 16,000 members. United Federal Credit Union, headquartered in St. Joseph, Michigan, has assets of $941 million.
The NCUA was Clearstar's liquidating agent following the decision by the Nevada Division of Financial Institutions to close the credit union.
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