JUPITER, Florida (March 8, 2011) — On Friday, regulators closed one credit union: Wisconsin Heights Credit Union. This brings the total number of U.S. credit union failures to four for 2011, which is at the same pace as last year.
Wisconsin Heights Credit Union, Omega, Wisconsin, west of Milwaukee, with assets of $785 thousand at September 30, 2010 was rated C- (“Fair”) for the first time based on third quarter 2010 data by Weiss Ratings. It reported a small profit of $10 thousand through September 30, 2010. Wisconsin Heights had Risk-Based Capital ratio of 13.63% and total capital of $107 thousand. Nonperforming loans to core capital made up almost 11% of its loan portfolio. In addition, liquidity for the credit union was well below the industry average of 21% at 1.62%. CoVantage Credit Union based in Antigo, Wisconsin, with assets of $847.7 million and a Weiss Rating of “A-” will assume the deposits of Wisconsin Heights Credit Union.
Weiss Ratings, the nation’s 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.
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