VALDOSTA, Ga. – NCUA has placed Southern Pine Credit Union here into conservatorship.
NCUA took the action in consultation with the Georgia Department of Banking and Finance, the agency stated.
The NCUA stated it placed Southern Pine Credit Union into conservatorship because of unsafe and unsound practices at the credit union.
“While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations,” the agency said.
Southern Pine Credit Union has 2,149 members and assets of approximately $46.4 million, according to the credit union’s most recent Call Report.
Southern Pine Credit Union serves current and retired employees of Packaging Corporation of America in Valdosta, Georgia, and their immediate family members.