ALEXANDRIA, Va. — NCUA has terminated its Letter of Understanding and Agreement with Valley Pride FCU of Plains, Pa.
The agreement called for Valley Pride to take a number of steps to correct what NCUA deemed to be unsafe and unsound practices. Among those steps: engage a qualified individual to reconcile bank and corporate accounts; engage a CPA to perform an opinion audit; obtain training for the board of directors; and implement internal control procedures through the supervisory committee.
The LUA came on the heels of the CU's March 2013 call report, at which time the CU reported assets of $7l.4 million and a loss of $7,275. The report also showed Valley Pride had 20 delinquent loans totaling $98,826, no charge-offs and a net worth ratio of 21.59%.
One year later, the CU's March 2014 call report shows assets of $7.1 million and a loss of $1,995. The report also shows the CU has 11 delinquent loans totaling $57,518, $2,670 in charge-offs and a net worth ratio of 17.96%.
