After the NCUA placed it into conservatorship in February, the Wisconsin Office of Credit Unions placed the $122 million AM Community Credit Union of Kenosha, Wis., into liquidation Wednesday and appointed the NCUA liquidating agent. The $739 million TruStone Financial Federal Credit Union of Plymouth, Minn., purchased and assumed AM Community’s members, deposits, core facilities and consumer loans.

According to call report information posted on the NCUA’s website, AMCCU’s key financial indicators took a nose dive in early 2011, when delinquent loans to total loans skyrocketed from 2.86% in December 2010 to 7.35% as of March 31, 2011 and provision for loan losses to average assets rose from 0.31% to 10.19% during the same time period. Net worth fell below 7% as a result and never recovered. As of June 30, 2012, net worth was 1.66%.

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