Citing its "declining financial condition," the NCUA liquidated Industries Puerto Rico FCU, and Borinquen Community Federal Credit Union purchased and assumed its assets, loans and shares.
Industries Puerto Rico FCU, which has $3.6 million in assets, had a net worth ratio of -1.10% according to its June 30 financial performance report. That's a decline from the 8.71% as of March 31.
Its return on average assets ratio was -27.35% as of June 30, compared with -12.35% as of March 31.
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As of June 30, its delinquent loan ratio was 2.34%, compared with 2.83% on March 31.
Industries Puerto Rico FCU, headquartered in Manati, Puerto Rico, had 1,956 members and was chartered in 1975.
Borinquen Community Federal Credit Union has $16.3 million in assets and 3,453 members. Its main office is in Aguadilla, Puerto Rico.
Industries is the 15th federally-insured credit union to be liquidated in 2010.
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