The NCUA on Friday liquidated the $9.25 million Ochsner Clinic FCU of New Orleans, La., saying in a release it had determined the credit union was insolvent and had no prospect for restoring viable operations.
Yet, according to its first quarter financial performance reports, Ochsner was well capitalized and turning a profit.
As of March 31, the 3,099-member credit union, which served primarily health care select employee groups, reported 7.49% net worth and had been maintaining that capital level for the past two years.
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