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Article: NCUA seizes Okla. group eyeing conversion. (National Credit Union Administration seizes OneOk Employees Credit Union)
- Article from:
- American Banker
- Article date:
- July 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The National Credit Union Administration has seized an Oklahoma credit union that was considering converting to a thrift charter.
The agency blamed inattentive management at Tulsa-based OneOk Employees Credit Union, saying the institution's leaders let soaring operating costs deplete capital.
The agency has wrested control of a credit union only twice this year. In 1993 it imposed seven conservatorships, and five are still in effect. The agency plans to run OneOk until it can be restored to financial health.
In a release, NCUA regional director John S. Ruffin said the agency acted to protect member accounts and credit union assets. "As soon as the credit union is ...