A $43 million, Georgia credit union will soon be back in the hands of its members after being conserved about two years ago, its federal regulator said Tuesday.
Southern Pine Credit Union of Valdosta, Ga., will be under control and direction of its members as of March 17, the National Credit Union Administration (NCUA) said. The agency noted that it placed the $42.8 million credit union, which counts just short of 1,600 members, into conservatorship in June 2020. It serves the current and retired employees of Packaging Corporation of America in Valdosta, and their immediate family members.
The agency indicated that it worked with the Georgia Department of Banking and Finance to install a new management team at the institution and to “carefully and consciously mitigate risks, enhance lending controls, revive operations, and increase efficiency.”
The credit union is the second federally insured credit union to emerge from NCUA conservatorship in 2022, the agency said.