The $1.8 billion Chartway FCU of Virginia Beach, Va., has purchased and assumedthe assets of Utah Central CU after Utah regulators seized controlof the $157 million Salt Lake City credit union and appointed theNCUA as liquidating agent.
|It was the seventh federally insured credit union that has beenliquidated this year.
|Utah Central CU has seen the value of its real estate portfoliodecline for at least each of the past four quarters. It lost$547,000 last year, $3.3 million in 2009 and $3 million in2008.
|Its delinquent loan ratio was 3.62% at the end of March and3.92% at the end of last December, according to financialperformance reports filed with the NCUA. It had a negative returnon average assets during each of the past four quarters.
|This is the third credit union the 10-state, 60-branch Virginiainstitution has purchased in Utah. Last year it purchased theassets of the $311 million HeritageWest Credit Union and the $139 millionSouthWest Community Credit Union.
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