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NCUA Liquidates OTB FCU

The NCUA liquidated the New York City-based OTB Federal Credit Union on Wednesday, the agency announced.

By Claude R. Marx | Updated on February 22, 2011

The NCUA liquidated the New York City-based OTB Federal Credit Union on Wednesday, the agency announced. The $1.8 million credit union had a 7.1% decline in assets during the final quarter of 2010 and seen declines during three of the last four quarters, according to its financial performance report filed with the NCUA. Both its loan and investment income declined during three of the past four quarters. Its net worth ratio was 4.7% during the final quarter of 2010, and was 8.77% during the third quarter. Its delinquent loan ratio was 7.02% at the end of the fourth quarter of last year and 5.96% at the end of the third quarter. It had a negative return on average assets during each of the previous four quarters. OTB FCU is the third federally insured credit union liquidated this year.

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