GLEN ROCK, N.J. – NCUA said Friday it has taken under conservatorship Peoples First Choice FCU, a $24 million credit union, a 33-year-old credit union chartered to serve employees of Nabisco Co. The federal regulator gave no reason for the takeover, but the credit union has reported declining net income, just $102,000 in 2006, and $29,500 for the first quarter of this year, even as it maintains adequate net worth of 9%. Loan delinquencies are running around 1.5%. Service will continue for the credit union’s 5,300 members as NCUA runs the institution under conservatorship.
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