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Certified FCU 20th to fail this year
NCUA on Saturday liquidated Certified FCU of Commerce, Calif., and approved an agreement for Vons Employees FCU (El Monte) to assume its assets and liabilities and serve its members.
"Certified's declining financial condition led to its closure and subsequent purchase and assumption," NCUA said Monday.
Certified FCU had $37.6 million in assets and 6,253 members. As of June 30, it had a 12.96 percent loan delinquency ratio and net worth ratio of -17.11 percent. It had been posting net losses since last September.
This is the 12th federally insured credit union liquidated this year and the 20th failure announced year to date.
Vons Employees FCUhas $332 million in assets and about 40,500 members. Data on the agency's website shows that as of June 30, the credit union had a net worth ratio of 20.08 percent, return on average assets of 1.44 percent and a 1.7 percent loan delinquency ratio.
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