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NCUA Seizes Troubled PEFFCU In Cleveland

Saturday, June 22, 2013 - 1:23 PMP E F Credit Union - Details
The 2-star DA-rated PEF Federal CU was placed into conservatorship by NCUA on Friday. 

From Credit Union Times;
The NCUA on Friday assumed control of service and operations of the $31.1 million PEF Federal Credit Union of Highland Heights, Ohio, according to a release from the federal regulator.

During the conservatorship, the NCUA said it will work to resolve issues affecting the suburban Cleveland institution’s safety and soundness.

According to the 2,974-member credit union’s most recent financial performance reports, the top safety and soundness issue is loan quality. As of March 31, the community-chartered credit union reported 10.59% delinquent loans and 6.17% charge offs.

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