Eastern New York Federal Credit Union liquidated
01/31/2012
On Friday, New York regulators announced the liquidation of the first
credit union of 2012. Eastern New York Federal Credit Union in Napanoch, with
assets of $51.8 million as of September 30 (the most recent data available), was
rated E- ("Very Weak") by Weiss at the time of failure. It reported a loss of
$552,000 for the nine months ended September 30, 2011 with total capital of
just $757,000.
USAlliance Federal Credit Union located in Rye, New York, with assets
of $748.9 million and a Weiss Financial Strength Rating of D+ ("Weak"), assumed
the deposits of Eastern New York FCU. USAlliance has a net worth ratio of 8.06%
with nonperforming loans making up 3.75% of the total loan portfolio. It earned
$2 million through September 30, 2011 for an ROA of 0.35%, well below industry the
industry average of 0.65%.