JUPITER, Florida (April 11, 2011) — Last week, regulators closed one credit union: Mission San Francisco Federal Credit Union, San Francisco, California. This brings the total number of U.S. credit union failures to six for 2011, which is one ahead of last year’s pace.
Mission San Francisco Federal Credit Union, San Francisco, California, with assets of $6.1 million at December 31, 2010 was rated E- (“Very Weakâ€) for the last two quarters based on fourth quarter 2010 data by Weiss Ratings. It reported a loss of $368 thousand through December 31, 2010. Mission San Francisco FCU had well below-NCUA-mandated net worth (7%) ratio of 0.53% and total capital of only $36 thousand. Nonperforming loans made up 15.7% of its loan portfolio and had charge-offs to loans of 10.7%. Self-Help Federal Credit Union, Durham, North Carolina, with assets of $209.6 million and a Weiss Rating of “C-â€, will assume the deposits and liabilities of Mission San Francisco Federal Credit Union.
Weiss Ratings, the nation’s leading independent provider of bank, credit union and insurance company ratings, accepts no payments for its ratings from rated institutions. It also distributes independent ratings on the shares of thousands of publicly traded companies, mutual funds, closed-end funds and ETFs.
