WEST ALLIS, Wis. – NCUA said yesterday it is looking for merger mates for two ailing state chartered credit unions, Allco CU and First Security CU in Elm Grove.
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NCUA confirmed that both credit union are below the agency’s minimum capital levels and they are being shopped around for potential mergers.
The $53 million Allco CU, which was hurt by its foray into subprime auto loans, reported a $146,915 loss for the first quarter, but has negative $68,074 in retained earnings and less than 3% net worth.
First Security CU, which has $32 million in assets, had a $2.5 million loss for the first quarter and negative $1.8 million in retained earnings, with less than 1% net worth.
