ALEXANDRIA, Va.–The Texas Credit Union Department Friday liquidated County & Municipal Employees Credit Union of Edinburg, Texas, naming NCUA as liquidating agent.
The $40.3-million County & Municipal is the ninth federally insured credit union liquidation in 2014 and the second in less than two weeks.
The $2.1 billion Navy Army Community Credit Union of Corpus Christi, Texas, has assumed the CU’s members, assets, shares and selected loans.
The decision to shutter C&M was made after determining the credit union was insolvent. According to June Call Report data, the CU suffered huge losses this year--$3.4 million, and lost $656,553 in 2013. Net worth plummeted from 7.90% in 2013 to 0.85% through June. Delinquent loans had reached 21%, charge-offs 8.9%, and ROA fell to -10.31.
County & Municipal served employees of multiple political divisions and public service units as well as persons residing, working or worshiping in Hidalgo County, Texas.