ALEXANDRIA, Va.—NCUA Friday liquidated the $4.1-million Trailblazer FCU based in Washington, Penn.
Chrome FCU, also located in Washington, has assumed Trailblazer’s members and deposits. The $132-million Chrome FCU serves 11,120 members.
NCUA made the decision to liquidate Trailblazer and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations. NCUA’s Asset Management and Assistance Center will take charge of certain assets of the closed credit union.
At the time of liquidation and prior to the assumption of its members and shares by Chrome FCU, Trailblazer Federal Credit Union served 1,535 members and had assets of $4.1 million, according to the credit union’s most recent Call Report. Chartered in 1956, Trailblazer Federal Credit Union served the employees of Pennsylvania’s Washington County and their immediate family members.
According to Call Report data, Trailblazer had performed in recent years, except in 2013, when ROA dropped to -2.15 and the CU faced a large loss for its size ($84,479). The CU showed profits of $36,555 in 2014 and $11,368 through Q1 2015. Through March, ROA stood at 1.09 and capital at 9.40%
Trailblazer Federal Credit Union is the fourth federally insured credit union liquidation in 2015.