WASHINGTON - The National Credit Union Administration on Jan. 31 released from conservatorship a $189 million-asset Rockland (Mass.) Federal Credit Union.
The credit union was seized last summer because its sizable commercial loan portfolio ran into problems.
"We believed it to have been mismanaged," said Anthony LaCreta, deputy director of the agency's northeastern region. "They got involved in commercial lending in New England and got hurt in the economy."
During the 19 months of NCUA control, interim management tightened lending practices, cut delinquencies, and beefed up profitability and capital, the agency said.
The credit union stemmed its losses and never drew on the insurance fund.