The National Credit Union Administration said that it has placed the $23 million Community United Federal Credit Union, of Waycross, Ga., into conservatorship in order to allow the credit union to “continue regular operations with experienced management in place and to correct operational weaknesses.”
While continuing normal member services, NCUA noted that it will work to “resolve issues” affecting the credit union’s safety and soundness.
This action follows last week's
Chartered in 1966, Community United serves members and businesses in Ware County, Ga., and currently has 4,844 members.
According to call report data, Community United’s net income dropped from about $203,000 in 2015 to about $129,000 last year.
NCUA assured that member services will continue uninterrupted at Community United’s office, which will keep its current office hours.
Member deposits at Community United remain federally insured by the National Credit Union Share Insurance Fund, which is administered by NCUA, and which insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000.
