GAINESVILLE, Fla.—The $59-million Alliance Credit Union of Florida has been placed into conservatorship by Florida’s Office of Financial Regulation, which has appointed the National Credit Union Administration as conservator, NCUA reported.
NCUA, in its release, did not provide a reason for the conservatorship.
The credit union, which posted a $184,231 net income loss last year, saw losses skyrocket in 2024, totaling nearly $2.4 million through September of ’24, according to Call Report data.
Net worth slipped from 4.55% at the end of 2023 to 2.94% through September.
The state-chartered CU has 5,394 members.