Puerto Rico CU Is Latest Failure

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MANATI, P.R. – NCUA said this afternoon it liquidated Industries Puerto Rico FCU here, the 25th credit union failure of the year, and assigned the assets of the one-time $7 million credit union to nearby Borinquen Community FCU.

Industries Puerto Rico Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by the $16 million Borinquen Community.

Industries Puerto Rico had losses of $138,000 for 2009 and $528,000 for the first six months of 2010, and negative net worth at mid-year. Its assets were $4 million at the time of liquidation

Borinquen Community serves 3,500 members in Aguadilla Municipio, Puerto Rico and is based in Aguadilla, Puerto Rico.

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