ALEXANDRIA, Va.–NCUA yesterday shuttered Republic Hose Employees Federal Credit Union of Youngstown, Ohio, the eighth federally insured credit union the
agency has liquidated in 2014.
NCUA made the move after determining the tiny $581,487 RHEFCU was insolvent and had no prospect for restoring viable operations.
According to June Call Report data, the CU had lost money each of the last five years, dropping $14,780 in 2013 and $12,854 through June this year. Net worth had fallen to 6.04% and delinquent loans stood at almost 7%.
RHEFCU, which served 455 members, was chartered in 1940. The CU served employees of Republic Hose Manufacturing Corporation and Youngstown Steel Door Company and their immediate family members.