Vensure Federal Credit Union in Mesa, Ariz., was taken under conservatorship Friday by the National Credit Union Administration.
The troubled credit union, which had been transplanted from New York, was chartered in 1955 as Grand Adirondack Federal Credit Union. It moved to Arizona in 2009, changing its name to Vensure.
The NCUA's move comes after the credit union reported an increase in assets to $4.7 million at March 31, from $2.7 million at the end of 2010. Vensure was one of the few virtual credit unions in the country, having no physical branches of its own and purporting to serve members in all 50 states and five countries.