Security Service FCU purchased the assets and assumed the member shares of West Texas Credit Union, which the Texas Credit Union Department liquidated yesterday.
West Texas CU, a 25,000-member credit union with $78 million in assets in El Paso, Texas had a 6.5% decline in assets during the second quarter.
As of June 30, its net worth ratio was -0.57%, down from 0.12% as of March 31 and 12% on June 30, 2008, according to its report filed with the NCUA. The report showed that 3.43% of its loans were delinquent as of June 30, compared with 4.36% at the end of March and 4.98% as of June 30, 2008.
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West Texas CU's return on average assets was -4.34% as of June 30, compared to -5/70% on March 31 and 3% as of June 30, 2008.
Security Service FCU is a $5 billion, 680,000-member credit union headquartered in San Antonio.
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