The $104 million Magnolia Federal Credit Union has purchased theassets of the $9 million Valued Members Federal Credit Union, bothof Jackson, Miss., after the NCUA liquidated the smaller creditunion on Tuesday.
|Valued Members was the ninth federally insured credit unionliquidated so far in 2011. It was conserved by the NCUA in May after several difficultquarters.
|Valued Members FCU's assets declined 6.1% in the first quarterof 2011 and 15.4% in the last quarter of 2010, according to thefinancial performance report it filed with the NCUA. The value ofits loan portfolio declined 7.3% in the first quarter of 2011,following a decline of 4.1% in the last quarter of 2010.
|Its delinquent loan ratio was 6.43% at the end of March and2.51% at the end of December. Its net worth ratio was 0.17% at theend of March and 5.38% at the end of December. Its return onaverage assets ratio was -28.61% at the end of March and -7.59% atthe end of December.
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