NCUA Turns Off The Spout At Republic Hose FCU; 8th Failure Of 2014

ALEXANDRIA, Va. — NCUA liquidated Republic Hose FCU in Youngstown, Ohio, Tuesday, the eighth credit union failure of the year.

The regulator said in a release that it elected to shutter the credit union after determining it was insolvent with no prospect for restoring viable operations.

Chartered in 1940, Republic Hose Employees FCU served 455 members with more than $581,000 in assets. According to its most recent Call Report, the credit union had 97 loans and leases on the books totaling $494,000, with nearly all of that concentrated in auto lending. But the CU's 5300 also shows that the credit union nearly $13,000 during the first two quarters of the year, following on the heels of a $14,000 loss in 2013 and finishing 2012 nearly $11,000 in the red.

At a larger level, however, the liquidation can be seen as a continuation of the "great divide" Credit Union Journal has previously reported, as small credit unions continue to stay flat or lose money, while the bulk of credit union growth is concentrated in larger institutions.

Prior to being liquidated, Republic Hose Employees FCU served employees of the Republic Hose Manufacturing Company and the Youngstown Steel Door Company.