NCUA announced this afternoon that it has liquidated the $2.5 million Lawrence County School Employees Federal Credit Union, which had been headquartered in New Castle, Pa.
At the time of its liquidation, Lawrence County FCU had just over 1,000 members whose accounts have been picked up by the First Choice Federal Credit Union, also of New Castle.
NCUA records document Lawrence County FCU's precipitous decline. As of March 2009, just one year ago, the credit union had $6.4 million in assets and a new worth ratio of 14.79%. But the CU was also showing signs of trouble. The return on average assets in December 2008 came in at 0.44%, but the very next quarter saw that ratio drop to negative 2.79 and it never recovered.
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? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
