Small Tennessee credit union conserved by federal regulator

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.

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