NCUA Charges Force Closure Of CU Branches

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BRUNSWICK, Ga. – Marshland FCU announced last week it is closing two branches after costs associated with NCUA’s corporate system resolution and NCUSIF premium helped it plunge into the red last year.

The $120 million credit union, which lost $1.1 million for the first three quarters of 2010, attributed the closings to NCUA’s increasing assessment fees, which are projected to cost it between $250,000 and $300,000 for the next five to 10 years.

The two branches slated for closure are in Darien and on St. Simons Island. The Darien and St. Simons Island branches were chosen for closure because they produce the least amount of loans, the credit union said.

 

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