WASHINGTON, Pa. Trailblazer Federal Credit Union reached the end of its path Friday, as NCUA liquidated the $4.1 million CU.
Trailblazer FCU is the fourth federally insured credit union to be liquidated in 2015, according to NCUA.
The regulator said it made the decision to liquidate Trailblazer and discontinue operations after determining the credit union, “was insolvent and had no prospect for restoring viable operations.”
NCUA’s Asset Management and Assistance Center will take charge of certain assets of the closed credit union.
Chrome Federal Credit Union, also based here, immediately assumed Trailblazer FCU’s members and deposits. Prior to the assumption, $131 million Chrome FCU served 11,120 members, according to its most recent call report.
At the time of liquidation and prior to the assumption of its members and shares by Chrome Federal Credit Union, Trailblazer FCU served 1,535 members, according to its most recent call report.
Net Worth Ratio Remained Well Capitalized’
A review of the last four-plus years of Trailblazer FCU’s financials did not reveal its pending demise, as its only reported annual loss was in 2013 and its net worth ratio remained in “well capitalized” territory:
- In its March 2015 call report, Trailblazer FCU listed $11,368 in net income for Q1. Its net worth ratio as of March 31 was 9.4% (“well capitalized”).
- For 2014, Trailblazer FCU reported $36,555 in net income. Its net worth ratio as of Dec. 31, 2014 was 8.95% (“well capitalized”).
- The CU reported a loss of $84,479 for 2013, which included paying an assessment of $3,147 to the Temporary Corporate CU Stabilization Fund. Its net worth ratio as of Dec. 31, 2013 was 8.92% (“well capitalized”).
- In 2012 Trailblazer FCU earned $20,062 from operations, but paying an assessment of $3,634 to the TCCUSF reduced its net income to $16,428. Its net worth ratio as of Dec. 31, 2012 was 10.44% (“well capitalized”).
- In 2011 Trailblazer FCU earned $13,507 from operations, but paying an assessment of $10,173 to the TCCUSF reduced its net income to $3,334. Its net worth ratio as of Dec. 31, 2011 was 9.06% (“well capitalized”).
Chartered in 1956, Trailblazer Federal Credit Union served employees of Pennsylvania’s Washington County and their immediate family members.
