The NCUA closed Phil-Pet Federal Credit Union after determining that it is insolvent and transferred its assets to Pantex Federal Credit Union.
Phil-Pet FCU, which was founded in 1940, was headquartered in Pampa, Texas. It had 765 members and assets of $3.2 million. It was closed on Monday and the agency announced it on Thursday.
According to its most recent Financial Performance Report, which covers the second quarter of 2010, the value of its loans declined by 8.4% during that period and its assets declined 4.9%.
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Its delinquent loan ratio was 20.72% and its return on average assets was -14.69%. Its net worth ratio was 0.99%.
Pantex FCU has $216.8 million in assets and is located in Borger, Texas.
So far in 2010, 16 federally insured credit unions have been liquidated.
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