JACKSON, Miss. – NCUA last night liquidated Valued Members FCU and assigned the remnants of the one-time $12 million credit union to Magnolia FCU, a $103 million credit union also in Jackson.
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Valued Members, which has been run under conservatorship by NCUA since May 4, had a loss of $785,000 for 2010 and a loss of $670,000 for the first quarter of 2011, and had negative net worth at March 31. It had $9 million at the time of liquidation.
The 54-year-old credit union, which served Leake County, the underserved community of Madison County, and a number of employee groups in and around Jackson, is the ninth credit union failure of 2011.
