BCT FCU Placed Into Conservatorship as Agency Seeks Merger Partner
BINGHAMTON, N.Y.-NCUA has placed BCT FCU into conservatorship and is managing the $52-million credit union while it works out the credit union's financial troubles. BCT, a 65-year-old credit union that serves New York state's so-called southern tier, reported a slight $72,000 net for the first quarter but has strong net worth of more than 12%. The credit union operates three branches and has 3,900 members.
BCT is the sixth credit union taken under conservatorship by NCUA this year, including Texans CU, Vensure FCU, Pennsylvania's Greensburg Community FCU, and Mississippi's Valued Members FCU and Minnesota's Hmong American FCU, both since liquidated.