OMAHA – NCUA returned the formerly troubled Union Pacific Streamliner FCU to its members yesterday, after running it under conservatorship for the past 22 months.
During that time, the 70-year-old credit union went from a loss of $420,000 for 2005 and net capital of just 4.4%, to a net gain of $200,000 for the first three quarters of 2007 and net capital of 7.4%. The assets of the 7,000-member credit union were also trimmed from $39 million to $26 million during the conservatorship, with more than $5 million of troubled loans moved off its books.
The return of the credit union to its members is noteworthy because most troubled credit unions that are taken under conservatorship are either liquidated or merged.
Union Pacific Streamliner FCU was chartered in 1937 to serve employees of the Union Pacific railroad’s headquarters and is still focused on the same field of membership.
