Considering the $23.6 million Taupa Lithuanian Credit Union'srosy financial performance reports, there's more to the story ofwhy the Ohio Division of Financial Institutions liquidated theCleveland, Ohio credit union on Friday.
According to financials posted on the NCUA's website, the creditunion reported 10.31% net worth, 0.78% delinquencies and no chargeoffs as of March 31. One abnormal financial statistic was cost offunds, which at 0.87% was much higher than the peer average of0.36%.
However, the failed credit union'swebsite revealed it was not paying above average dividends tomembers: savings accounts paid just 0.15% APY, while checkingdividends varied from 0.01% to 0.10%, depending upon balance. Thehighest dividend paid was 0.40% APY on a $25,000 or largercertificate.
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