NCUA Shutters Another CDCU

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OAKLAND, Calif. - (03/09/05) -- NCUA said Tuesday and closed downand liquidated another community development credit union, KO-AMFCU, a $13 million credit union that served the Bay Area's Koreanpopulation. NCUA said it decided the close down the faith-basedcredit union after it determined the institution to be insolvent.KO-AM FCU reported that assets declined by 3% last year to $12.5million and net income was just $104,000. Net capital was 7.5%. Thefailure of the CDCU follows recent closures of other CDCUs: Nor-CarFCU, Oasis Community FCU and D. Edward Wells FCU.

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