NCUA liquidates Indianapolis Newspaper Federal Credit Union
Less than three months after its retention, the Indianapolis newspaper’s federal credit union in Indianapolis, Indianapolis, was liquidated, the NCUA said on Wednesday.
INFCU posted a loss of $ 990,936 at the end of last year, according to NCUA financial performance reports.
Federal credit union Elements Financial, also based in Indianapolis, took over most of INFCU’s stock, the independent federal agency said.
In January, the NCUA placed INFCU under trusteeship for unsafe and unhealthy practices, which were not specified.
At the end of last year, the credit union recorded $ 501,465 in loan write-offs and just $ 13,990 in loan recoveries, according to INFCU’s appeal report for the fourth quarter of 2020.
From 2016 to 2020, INFCU’s total loans and assets declined, according to NCUA financial performance reports.
However, the salary and benefits of full-time credit union employees stood at $ 141,769 at the end of 2020, more than three times the peer average of $ 47,769, according to performance reports. NCUA financial institution. At the end of last year, INFCU employed only one person, according to the credit union’s fourth quarter appeal report.
Chartered in 1961, INFCU has served 1,143 members of various selected employee groups in the greater Indianapolis area.