NCUA Seizes Struggling Ohio CU

Published June 21, 2013, 11:29 a.m. EDT

Updated August 26, 2020, 10:16 p.m. EDT

1 Min Read

HIGHLAND HEIGHTS, Ohio NCUA said this morning it has taken under conservatorship PEF FCU, originally the credit union for employees of Picker X-Ray, and will work to resolve the troubles at the $32 million credit union.

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The credit union reported a $3.6 million loss for 2012 and a loss of $50,000 for the first quarter, as its net worth slid to just 4.3%.

PEF FCU was chartered in 1957 and serves 2,974 members through a community charter covering eastern Cuyahoga County.

PEF FCU is the third credit union taken over by NCUA so far in 2013.

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