NCUA Call Report Reveals Stunning $103-Million Loss at Jackson Area FCU
By CU Today Staff —
JACKSON, Miss.—New NCUA Call Report data show Jackson Area Federal Credit Union's financial condition has deteriorated dramatically following the agency's discovery of an alleged $95-million fraud scheme, with the credit union reporting negative net worth of $88.5 million and a negative net worth ratio of 145.4% as of June 30.
The revised financials show total assets plunged 62.5% in the first six months of 2026, falling from $162.4 million at year-end 2025 to $60.9 million, driven largely by a collapse in cash and deposits from $111.8 million to just $9 million. The credit union also posted a year-to-date net loss of $103 million, compared with $1.23 million in net income for all of 2025, while borrowings climbed from zero at year-end to nearly $13 million, underscoring the magnitude of the balance-sheet restructuring under NCUA conservatorship.
Asset quality also continued to weaken. Delinquent loans represented 1.49% of total loans, while annualized net charge-offs increased to 1.47% of average loans from 1.25% at year-end.
The updated Call Report reflects the financial fallout from what the NCUA has alleged was a years-long fraud orchestrated by former CEO Leigh Bridges. The agency, which placed the credit union into conservatorship in May citing unsafe and unsound practices, alleges approximately $95 million was diverted from the institution and has filed a civil lawsuit seeking to recover the funds. Since then, federal regulators have expanded the case to include former branch manager Tina Funez and Leigh Bridges' husband, Chad, obtained a court order freezing assets tied to the defendants and continued pursuing recovery of funds allegedly misappropriated from the credit union.
Originally reported by CU Today.