NCUA returns control of Southern Pine Credit Union to members
ALEXANDRIA, VA (March 2, 2022) — The National Credit Union Administration today announced that Southern Pine Credit Union of Valdosta, Georgia, will once again be under the control and direction of its members, effective March 17, 2022.
“The recovery of Southern Pine resulted from the coordinated efforts by the NCUA, the credit union’s new management team, and the Georgia Department of Banking and Finance to carefully and consciously mitigate risks, enhance lending controls, revive operations, and increase efficiency,” Chairman Todd M. Harper said. “Through these joint efforts, we preserved Southern Pine and have now put it back in the hands of its members. That’s a win for everyone involved, but especially for the Southern Pine members who now have a stronger credit union.”
NCUA placed Southern Pine Credit Union into conservatorship in June 2020. The credit union is the second federally insured credit union to emerge from NCUA conservatorship in 2022.
Southern Pine Credit Union is a federally insured, state-chartered credit union with 1,594 members and assets of $42,842,199, according to the credit union’s most recent Call Report. Southern Pine Credit Union serves current and retired employees of Packaging Corporation of America, Valdosta, Georgia, and their immediate family members.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.