NORFOLK, Va. NCUA on Friday took under conservatorship NCP Community Development FCU, as losses mounted at the ailing $2-million CDCU.
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The CDCU, which has served low-income community in the Hampton Roads area for 14 years, reported a loss of $382,000 for 2012 and net worth under 1%.
NCUA said it will work to resolve issues affecting the credit union’s safety and soundness while continuing normal member services during the conservatorship, the first credit union taken over so far in 2013.
