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NCUA Conserves Citizens Community CU "Credit News 24"

The National Credit Union Administration (NCUA) on June 23 placed Citizens Community Credit Union, located in Devils Lake, North Dakota, into conservatorship.

NCUA placed Citizens Community Credit Union into conservatorship because of unsafe and unsound practices at the credit union.

Citizens Community Credit Union posted a loss of $933,194 during the first quarter of 2018 due to provisions for loan losses of $978,000. A year earlier provisions for loan and lease losses were zero.

While the credit union was well-capitalized at the end of the first quarter, the credit union reported that 6.79 percent of its loans were 60 days or more past due. Delinquent loans were $10.8 million. Early delinquencies (loans 30 to 59 days past due) were almost $5.9 million.

Citizens Community Credit Union appears to be under-reserved with a coverage ratio (allowances for loan and lease losses to delinquent loans) of 27.47 percent.

Citizens Community Credit Union is a federally insured, state-chartered credit union with 11,399 members and assets of $201,255,973, according to the credit union’s most recent Call Report.

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Title : NCUA Conserves Citizens Community CU "Credit News 24"
link : NCUA Conserves Citizens Community CU "Credit News 24"