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NCUA liquididates tiny CU
ALEXANDRIA, Va. (7/17/08)--The National Credit Union Administration (NCUA) announced Wednesday it has liquidated Meriden F. A. FCU. Call report data shows the Meriden, Conn. credit union was well capitalized with a 24% net worth ratio the end of the first quarter, but it appears burgeoning loan delinquencies may have sunk the tiny credit union. The agency announcement said simply that its decision to liquidate was made after determining the credit union was insolvent and had no prospects for restoring viable operations. Meriden FCU served 206 members and had assets just under $338,000 at the time of liquidation. The NCUA Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the Meriden F. A. Federal Credit Union within one week.


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