A $12-million-in-assets credit union in Tennessee was placed into conservatorship by its federal savings insurer late Tuesday, typically a first step to either merging the institution into another or liquidating it completely.
The National Credit Union Administration (NCUA) – which insures savings at credit unions through the National Credit Union Share Insurance Fund (NCUSIF) — in a release gave no reason for the action against Mid East Tennessee Community Credit Union, located in Decatur, Tenn. The state-chartered credit union counted 1,855 members, based on its latest report of financial condition, the agency said.
The regulator said the credit union serves persons who have a residence in, work in, worship in, volunteer in, have a relative that lives in, or participate in programs to alleviate poverty or distress in Meigs, Rhea, or McMinn counties in Tennessee.