Arizonas Vensure FCU Taken Over By NCUA
MESA, Ariz. – Vensure FCU, a troubled $5 million transplanted New York credit union, was taken under conservatorship this afternoon by NCUA.
The credit union, which served Vensure Employer Services in Mesa, was chartered in New York in 1955 as Grand Adirondack FCU and move din 2009 to Arizona, changing its name to Vensure.
The NCUA moves comes as the credit union reported an increase in assets from $2.7 million at the end of 2010 to $4.7 million at March 31, even as it had no loans.
The credit union was one of the few virtual credit unions in the country, with no physical branchesof its own and purporting to serve members in all 50 states and five countries.