DECATUR, Tenn.–NCUA has placed Mid East Tennessee Community Credit Union here into conservatorship. The $12,093,66 credit union had 1,855 members. Both of the credit union’s offices remain open for business during normal hours, the agency said. No merger partner was announced.
The conservatorship takes place as the credit union just turned 10, after officially opening for business on March 24, 2009. According to METCCU's website, "The asset growth of Mideast Tennessee Community Credit Union in Decatur from $0 to more than $6 million in three years has been truly a success story." The CU said its organizers spent two years seeking a charter.
According to the credit union’s December 2018 call report, it showed $60,810 in net income and a 7.0% net worth ratio. It also reported $444,848 in delinquent loans. For 2017, it reported $156,851 in net income and 7.37% capital.
Mid East Tennessee Community Credit Union, which operates under the brand name MET Com Credit Union, serves persons who have a residence in, work in, worship in, volunteer in, have a relative that lives in, or participate in programs to alleviate poverty or distress in Meigs, Rhea, or McMinn counties of Tennessee.