The NCUA liquidated Tracy Federal Credit Union of Tracy, Calif. yesterday and accepted an offer from Valley First Credit to purchase and assume its assets.
The NCUA had placed Tracy FCU into conservatorship in March.
Tracy FCU is a $25.9 million credit union that saw its liabilities increase 27.2% during the last quarter of 2009 and a 89.6% decline in its net income, according to its financial report filed with the NCUA. The credit union hasn't filed a report for the first quarter of 2010.
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