Federal regulators take control of CBC Credit Union

By LISA MONTIlamonti@sunherald.comGULFPORT - The head of the Gulfport CBC Credit Union and its board of directors were dismissed Tuesday and the credit union was placed into conservatorship while state banking regulators look further into alleged mismanagement of funds.
The National Credit Union Administration will serve as conservator "until the situation is resolved," said Theresa Brady, deputy commissioner of the state Department of Banking and Consumer Finance.

Joseph Baran was manager of the credit union, which has about 3,100 members and had assets of $17.4 million as of Dec. 31, 2005. Most members are civilian and military employees and families of the U.S. Navy's Gulfport Construction Battalion Center.
State banking commissioner John Allison said his department has been investigating the credit union for about a month. Except for a few hours Tuesday, the credit union has been open. Allison said rank-and-file employees are on the job and members can still conduct business as usual, including making withdrawals and loan payments, although new loans have been temporarily suspended. Funds continue to be insured up to $100,000 for each account by the National Credit Union Share Insurance Fund, which is administered by the NCUA....for more of the story from Sun Herald