The NCUA announced late Friday it had liquidated the $2.4 million Shiloh of Alexandria Federal Credit Union of Alexandria, Va.
According to a release, the NCUA made the decision to liquidate the volunteer-run credit union and discontinue operations after determining it was insolvent and had no prospect for restoring viable operations.
However, according to the 624-member credit union's financial reports available on the NCUA's website, that explanation doesn't tell the whole story. As of Dec. 31, 2012, Shiloh of Alexandria reported 16.52% net worth, 1.08% delinquent loans and no charge offs. Return on average assets was 1.37%.
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