NCUA Shutters Green Tree FCU after Just Five Years

ABINGTON, Penn. - NCUA said last week 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. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com