CHICAGO–NCUA has placed into conservatorship Beverly Bus Garage FCU here. The $4-million CU will remain open to service its 1,300 members.
The agency cited unsafe and unsound practices at the credit union in placing it into conservatorship. It did not announce whether the credit union will be merged into another.
According to Beverly Bus Garage’s year-end 2017 call report, it reported $23,892 in net income for the year. The credit union had a whopping 41.9% net worth ratio with total loans outstanding of $3.5 million. It had $208,000 in loan delinquencies at year-end.
The credit union has one office and was chartered to serve employees of the Chicago Transit Authority at the Beverly Bus Garage in Chicago, employees of the credit union, members of their immediate families and organizations of such persons.