Birmingham credit union placed under the control of regulators
10/31/2011
The National Credit Union Association assumed control of Birmingham Financial FCU on October 27. With
assets of $1.4 million at June 30, the credit union was rated E+ ("Weak") for the last two quarters
by Weiss. It reported a loss of $108,000 for the six months of the year and had total capital of just $234,000
with a net worth ratio of almost 10%. Nonperforming loans made up 26.9% of its total loan portfolio.
This is the 18th credit union failure in 2011.