The $59 million-in-assets Alliance Credit Union of Florida, Gainesville, Fla., was conserved last week by the state’s financial regulator, with the National Credit Union Administration (NCUA) named conservator.
No specific reason for the conservatorship was provided in the NCUA’s evening release on this action Nov. 8, but the agency said member services would continue uninterrupted.
Alliance Credit Union received its state charter and federal share insurance in April 1991. It has the NCUA’s low-income designation, which the agency says provides an exception from the statutory cap on member business lending, makes the credit union eligible for grants and low-interest loans from the agency’s Community Development Revolving Loan Fund, allows it to accept non-member deposits from any source, and authorizes it to obtain supplemental capital.
The NCUA’s online data on financial performance shows Alliance Credit Union has reported increasingly large net losses every quarter since year-end 2023, with a net loss of nearly $2.4 million in September (third quarter).