New Mexico’s Land Of Enchantment FCU Is Fifth CU Failure Of The Year

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SANTA FE, N.M. – NCUA said last night it liquidated Land of Enchantment FCU and assigned the member accounts of the one-time $11 million credit union to Guadalupe CU, a $102 million credit union also in Santa Fe.
Land of Enchantment lad losses of $765,000 for 2009 and of $297,000 for 2010 and net worth of just 1% at year-end 2010.

The credit union, the fifth failure of 2011, was chartered in 1951 to serve the employees of the New Mexico Department of Public Welfare. 

SANTA FE, N.M. – NCUA said last night it liquidated Land of Enchantment FCU and assigned the member accounts of the one-time $11 million credit union to Guadalupe CU, a $102 million credit union also in Santa Fe.

Land of Enchantment lad losses of $765,000 for 2009 and of $297,000 for 2010 and net worth of just 1% at year-end 2010.

The credit union, the fifth failure of 2011, was chartered in 1951 to serve the employees of the New Mexico Department of Public Welfare.

 

 

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