VALDOSTA, Ga.--NCUA has returned control of the $42-million Southern Pine Credit Union here to its members.
“The recovery of Southern Pine resulted from the coordinated efforts by the NCUA, the credit union’s new management team, and the Georgia Department of Banking and Finance to carefully and consciously mitigate risks, enhance lending controls, revive operations, and increase efficiency,” Chairman Todd Harper said. “Through these joint efforts, we preserved Southern Pine and have now put it back in the hands of its members. That’s a win for everyone involved, but especially for the Southern Pine members who now have a stronger credit union.”
NCUA placed Southern Pine Credit Union into conservatorship in June 2020. At that time the agency stated it conserved the credit union due to "unsafe and unsound practices."
Southern Pine is the second federally insured credit union to emerge from NCUA conservatorship in 2022.
Southern Pine has 1,594 members.