ALEXANDRIA, Va. — NCUA placed Mayfair FCU, Philadelphia, in conservatorship after four straight quarters of losses at the $14.3 million-asset credit union.
Though the credit union, which is a designated low-income CU, still had a net worth ratio of 13.69%, making it "well capitalized" and well away from the prompt corrective action trigger of falling below 7%, Mayfair posted a loss of $87,447 in the third quarter of 2013, after posting losses of $73,415 in the second quarter, $34,931 in the first quarter and $52,913 at year end 2012.
NCUA said it has assumed control of service and operations and normal member services will continue at the credit union's headquarters. Its branch in Bridesberg, Pa., however, will be closed. Mayfair was chartered in 1936 to serve the low-income community in Philadelphia. It currently has 1,527 members.
Mayfair Federal Credit Union is the fourth federally insured credit union placed into conservatorship this year.
