FAIRFIELD, Iowa — The Iowa Credit Union Division on Friday placed Louden Depot Community Credit Union into receivership, and then tendered the receivership to the National Credit Union Administration.
Louden Depot Community CU had assets of approximately $5 million and served 790 members, according to its most recent call report.
The Iowa Credit Union Division said it made the decision to take over management of Louden Depot Community CU and determined the credit union was "insolvent with no prospect for restoring viable operations on its own."
Louden Depot Community CU is the seventh federally insured credit union liquidation so far this year.
In the first half of 2014 LDCCU reported $37,698 in net income. Its net worth ratio as of June 30 was 12.47%, making it well capitalized.
In 2013 Louden Depot Community CU had net income of $35,519, after paying $3,406 to the NCUSIF. Its net worth ratio was 10.66%, making it well capitalized.
Assumption By Community 1st
NCUA said Community 1st Credit Union of Ottumwa, Iowa, immediately assumed most of Louden Depot's members, assets and loans. Community 1st is a federally insured, state-chartered credit union with assets of $505.4 million serving 50,946 members, according to the credit union's most recent call report.
Accounts of the new Community 1st members remain insured by the National Credit Union Share Insurance Fund.
Chartered in 1954, Louden Depot Community CU served persons residing or employed within Jefferson County and the contiguous counties, former members of the Meritor Employees Credit Union, employees of such small employee groups as approved by the Superintendent of the Iowa Credit Union Division and family members.
