NCUA Takes Over Obelisk FCU, No Reason offered

NEW ALBANY, Ind. - NCUA took under conservatorship Obelisk FCU, a $55-million credit union. The federal regulator would not give a reason for the takeover, but emphasized that service to the credit union's 13,800 members will continue uninterrupted. Obelisk FCU reported high net worth of 9% at year-end 2006, but had low net income, just $120,000, and a low return-on-average assets of 0.22% for the year.