The $46.4 million-assets Southern Pine Credit Union in Valdosta, Ga., was placed into conservatorship Thursday by the National Credit Union Administration (NCUA) in consultation with the Georgia Department of Banking and Finance, the federal credit union regulator said.
The federally insured, state-chartered credit union was conserved “because of unsafe and unsound practices at the credit union,” the NCUA said. “While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations.”
The asset and membership numbers for Southern Pine Credit Union (with 2,149 members reported) are from the credit union’s most recent call report, the NCUA said. The credit union serves current and retired employees of Packaging Corporation of America in Valdosta and their immediate family members.