Citing numerous financial problems related to the building of a new headquarters office, the NCUA issued a cease and desist order that Rapid City Telco FCU agreed to.
The Rapid City, S.D.-based credit union agreed to stop all construction work on the Rushmore Crossing construction project and to not buy any additional fixed assets without NCUA approval.
Under the agreement, by March 31, the credit union's board must approve a plan for complying with a previously agreed to fixed asset plan. If the credit union's net worth is below 6.5% for two consecutive quarters it must engage a workout specialist and develop a merger contingency plan.
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According to its latest financial report, its delinquent loan ratio was 2% and it had a negative ROI.
The credit union has assets of $41 million and 6,600 members.
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