TRACY, Calif. – NCUA, which took over Tracy FCU last month, liquidated the one-time $33 million credit union and assigned its remnants to Valley First CU under a purchase and assumption agreement.
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Valley First, a $320 million credit union located in nearby Modesto, has been running the troubled credit union for the past month under a management agreement.
NCUA said Tracy FCU’s declining financial condition–including an $890,000 loss for 2009–led to the liquidation.
Tracy is the sixth credit union failure so far this year.
