CLEVELAND – NCUA this afternoon took under conservatorship St. Paul Croatian FCU because of the declining financial condition of the $250 million credit union.
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The credit union, the biggest taken over in Ohio in at least a decade, was chartered in 1943 and serves members of the St. Paul’s Croatian Parish in Cleveland.
It is the third credit union and the second federal charter taken over so far this year. There have been five credit union failures this year.
It is unclear why the credit union was taken over because it has 12% net worth and reported a $1.4 million net for the first quarter of 2010.
