The problems at NCUA-conserved AEA Federal Credit Union of Yuma, Ariz., continue to garner media coverage, including weekend broadcasts on the local CBS-TV affiliate and stories in the Arizona press, highlighting the CU's $31 million yearend loss and negative 7.63 net worth.
The $309 million AEA, taken over by NCUA in December after its condition worsened amid a kickback scandal involving business loans and grand jury indictments in Phoenix, has been an ongoing woe for NCUA, though there was no word that a purchase/assumption transaction was in the works.
NCUA officials said there is "no change in the status" of AEA following the latest revelations, including $20 million in foreclosures and shrinkage of assets by $109 million over the last year. There were also reports the number of employees has been cut from 160 to100 and that has followed the recent planned departure of the interim CEO, Denise Sweet-McGregor, who held down the top management post in 2010.
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