HARBOR, Ore. – NCUA late Friday took under conservatorship Chetco FCU, a one-time $375-million credit union in Harbor, Ore., that has wracked up big losses the past few years.
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Chetco, which serves Oregon’s Coos and Curry counties, and Del Norte County in Northern California, lost $212,000 for the first six months of the year after a $17 million loss for 2010. Its assets had declined to $333 million and net worth to 5% at June 30.
NCUA said it plans to continue service at Chetco uninterrupted.
