ABINGTON, Penn. – NCUA yesterday said it liquidated Green Tree FCU–less than five years after its chartering by the Friends of Briar Bush, a nature conservancy started by the Quakers.
Green Tree was one of the worst performing credit unions in the first half of the year, reporting $1 million (15%) of delinquencies and losses of more than $1.2 million on just $7 million of assets. Over the past two years, the fledgling credit union lost more than 25% of its assets as members withdrew their savings.
NCUA said it transferred a portion of the credit union’s remaining 500 member accounts to Freedom CU, a $340 million Philadelphia-based credit union with branches near Green Tree’s member base. The remaining accounts were transferred to NCUA for payout, which occurs within 10 days.
