Following five consecutive quarters of negative return on average assets and declines in loan and investment income, the NCUA on May 17 liquidated the Convent Federal Credit Union of New York City.

The $153,000-asset credit union had a negative 2.93 return on average assets during the first three months of this year. Its delinquency loan ratio was 39.2%, and its net worth ratio was 7.9%.

During the first quarter of 2010, its loan income declined 24.7%, and its investment income fell 70.2%.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 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.