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Washington
AEA FCU finances improve under NCUA conservatorship
ALEXANDRIA, Va. (8/3/11)--The financial condition of Yuma, Ariz.-based AEA FCU has improved dramatically during its National Credit Union Administration (NCUA) conservatorship, with the agency reporting year-to-date net income of $2.2 million and $229 million in total assets as of June 30. Streamlined operations, improved facility management practices, and positive progress in business loan delinquency and recoveries helped the once troubled credit union regain its financial feet, as AEA FCU’s net income increased by $3.6 million in 2011, the NCUA said in a Tuesday release. The credit union’s total expenses dropped 41% since January. Provisions for loan losses expenses fell by 68% and occupancy expenses dropped by 30%. The credit union also made cuts in miscellaneous operating expenses and compensation expenses. NCUA Region V Director Elizabeth Whitehead said that the NCUA’s priority was “to restore the credit union’s net worth” and to ensure that the credit union remained operational for its 44,000 members. The NCUA placed the credit union into conservatorship in late December, saying that it was not adequately capitalized under standards set forth in the Federal Credit Union Act and had earnings "insufficient to enable it to continue under present management." The agency at that time said the credit union's difficulties sprang from problems in its loan portfolio.


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