ALEXANDRIA, Va. — NCUA and the Illinois Department of Financial and Professional Regulation placed Bagumbayan Credit Union into conservatorship after assets plummeted at the small Chicago institution.
Assets fell almost 33% to $55,140 this September, down from $81,858 in September 2012.
The credit union had a net worth ratio of 6.97% (adequately capitalized) and right under the prompt corrective action trigger of falling below 7%, according to its latest call report.
Bagumbayan reported an $8,267 loss in the third quarter of this year, following losses of $3,480 in the second quarter, $1,355 in Q1, $8,053 as of the end of 2012 and $7,522 in the third quarter of 2012.
In September, NCUA placed the credit union under a cease and desist order. The order included concerns about "unapproved officials" involvement with the credit union and the CU's compliance with the Bank Secrecy Act.
The agency said the normal member services will continue through an agreement between NCUA and Great Lakes Credit Union, a $626-million asset institution in North Chicago.
Bagumbayan Credit Union, which was chartered in 1964, currently has 44 members. This is the fifth federally insured credit union placed into conservatorship this year.
