X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The NCUA is closely monitoring Ensign Federal Credit Union, which recently told the agency that its liabilities exceed its assets.NCUA Director of Public and Congressional Affairs John McKechnie said the agency is “working to ensure that members receive continuous service and their deposits remain safe” but declined to say what additional steps the agency might take.In the financial report that covers the third quarter, the credit union had a net worth ratio of negative 1.21% and equity of negative $1.1 million.The 7,900-member Henderson, Nev.-based credit union saw its assets fall by $23.5 million during 2009, from $121.5 million to $98 million.Ensign FCU President/CEO Diane Whitaker did not return phone calls seeking comment.According to the report the credit union filed with the NCUA, 13.6% of its loans were delinquent at the end of September, up from 6.27% in September 2008.Nevada has the highest foreclosure rate in the nation. Of Ensign FCU’s $87.8 million loan portfolio, $68 million consist of real estate loans.During the third quarter, its loan income declined 3% and its investment income fell 26.7%.The credit union was founded in 1861 to serve members of the Mormon Church.So far this year, three credit unions in Nevada have collapsed because of the recession. One of those credit unions, Cumorah Credit Union, was also established to serve members of that church. Its assets were purchased and assumed last month by Credit Union 1 of Rantoul, Ill.–[email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.