NCUA places Texas credit union into conservatorship

The National Credit Union Administration has conserved its first institution in 2023.

The NCUA announced Friday that it took temporary control of Valwood Park Federal Credit Union in Carrollton, Texas, to confront worries about unsafe and unsound business practices. The $28 million-asset credit union has roughly 2,833 members across the state in Carrollton, Farmers Branch and Addison.

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NCUA places tiny Indiana credit union into conservatorship

December 13, 2022 12:41 PM

"While continuing normal member services, the NCUA will work to resolve issues affecting the credit union's operations," the agency said in a press release.

Valwood Park recorded net income of $86,675 for the first three quarters of 2022, down roughly 47% from $162,974 in the same period in 2021, according to NCUA call report data. Net interest income rose slightly in the same time frame, from about $481,000 in 2021 to more than $537,000 in 2022.

Last year, the agency put three institutions into conservatorship: the $479,000-asset O.F. Toalston Federal Credit Union in Logan, West Virginia, the $2.7 million-asset Mingo County Education Federal Credit Union in Williamson, West Virginia, and the $8 million-asset Richmond City Employees Federal Credit Union in Richmond, Indiana. Both West Virginian credit unions were shuttered after a one-month custodial period under the NCUA.