TRACY, Calif. – NCUA late Friday took under conservatorship troubled Tracy FCU, a one-time $33 million credit union that reported a loss of almost $900,000 for 2009 and had less than 5% net worth.
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Tracy is among the long list of ailing California credit unions, which includes one failure so far this year, 15 failures over the past two years and several of the state’s billion-dollar credit unions under close regulatory scrutiny.
NCUA said the conservatorship of Tracy, which now has just $24 million in assets, was taken to preserve member assets and ensure uninterrupted credit union service.
The takeover of the credit union, which serves the city of Tracy, is the first conservatorship of 2010.
