The $201 million Citizens Community Credit Union in Devils Lake, N.D., which posted a net income loss of more than $900,000 at the end of the first quarter, was conserved Friday, the NCUA said.
The credit union was placed into conservatorship for safety and soundness issues that the federal agency did not specify in its prepared statement.
Although CCCU had a net worth of 9.93% at the end of the first quarter, its delinquency loan rate was 6.79%, well above the peer average of 0.77%. At the end of 2016, its delinquency loan rate was 6.19%, but from 2012 to 2015, the credit union posted a delinquency loan rate of less than 1%, according to NCUA financial performance reports.
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