According to its June 30 NCUA financial performance reports, the $5 million Louden Depot Community Credit Union was a thriving institution. However, the Fairfield, Iowa, credit union was liquidated by the NCUA Friday. It was the seventh federally insured credit union liquidated so far this year.
The Iowa Credit Union Division placed the state chartered credit union into receivership on Friday, and then turned receivership over to the NCUA.
The NCUA said the Iowa Credit Union Division concluded Louden Depot Community was financially insolvent and would not be able to reinstate operations.
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