NCUA liquidates Indianapolis Newspaper Federal Credit Union
Within three months of its retention, the Indianapolis newspaper’s $ 6.3 million federal credit union in Indianapolis, Indiana was liquidated, the NCUA said on Wednesday.
The INFCU recorded a loss of $ 990,936 at the end of last year, according to NCUA financial performance reports.
The $ 2 billion Federal Elements Financial credit union, also based in Indianapolis, has assumed most of the shares of the INFCU, the independent federal agency said.
In January, the NCUA placed the INFCU under trusteeship due to 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 collections, according to the INFCU’s fourth quarter 2020 appeal report.
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 financial performance reports. of the NCUA. At the end of last year, the INFCU employed only one person, according to the credit union’s fourth quarter appeal report.
Established in 1961, the INFCU has served 1,143 members of various selected employee groups in the greater Indianapolis area.