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NCUA takes over 5 million-asset First Delta FCU
ALEXANDRIA, Va. (10/26/09)—A need to correct “previous service and operational weaknesses” of First Delta FCU, Marks, Miss. moved the National Credit Union Administration (NCUA) to assume control of the $5 million-asset credit union Friday, according to a release from the agency. The NCUA noted that the credit union remains open and operating to serve its 5,500 members. First Delta provides full financial services to people residing in Quitman, Panola, Tallahatchie and Coahoma counties. The NCUA’s goal in placing the institution into conservatorship is to “continue credit union service to the members and ensure safe and sound credit union operations.” At the NCUA open board meeting last Thursday, CFO Mary Ann Woodson noted that, as of the end of September, there had been 21 credit union failures in 2009 compared to 18 for all of 2008. In a comparative number for banks, the Federal Deposit Insurance Corp. announced seven more bank failures late Friday, which tipped the number of failed banks to 106. All considered small banks, the smallest of the failed banks had $327.4 million in assets. The FDIC found banks to purchase and assume all the assets of the failed institutions.
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