The $104 million Magnolia Federal Credit Union has purchased the assets of the $9 million Valued Members Federal Credit Union, both of Jackson, Miss., after the NCUA liquidated the smaller credit union on Tuesday.
Valued Members was the ninth federally insured credit union liquidated so far in 2011. It was conserved by the NCUA in May after several difficult quarters.
Valued Members FCU's assets declined 6.1% in the first quarter of 2011 and 15.4% in the last quarter of 2010, according to the financial performance report it filed with the NCUA. The value of its loan portfolio declined 7.3% in the first quarter of 2011, following a decline of 4.1% in the last quarter of 2010.
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