# MERCO
Merced, CA · NCUA charter 64766 · asset band $200-500M · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/merco-64766

Who the members are: state charter, organized 1966, low-income designated. 16,190 members of 2,075,280 potential (0.8% of the field); checking penetration 49% (share draft accounts per 100 members); loans per 100 members 54.

**Verdict on the desk:** this could be *auto monoline*. Composite score 4 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $207.0M |
| Members | 16,190 (4.3% YoY) |
| Full-time staff | 41 |
| Net worth | $25.8M |
| Net worth ratio | 12.4% (p67 of band) |
| ROA (annualized) | 1.43% (p89 of band) |
| Total delinquency | 1.57% (p93 of band) |
| Net charge-offs (annualized) | 2.75% (p99 of band) |
| Loans / shares | 68% (p36 of band) |
| Cash / assets | 23.4% |
| Borrowings / assets | 1.69% |
| Net interest margin | 5.21% (p99 of band) |
| Operating expense / assets | 4.40% (p80 of band) |
| Vehicles % of loans | 79% (p99 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 89% |
| Third-party paper % of net worth | 372% (p96 of band) |
| Vehicle delinquency | 1.67% (p90 of band) |
| Vehicle NCO | 3.56% (p98 of band) |
| Repossessed % of vehicle book | 0.28% (p90 of band) |
| Real estate % of loans | 12% |
| Credit cards % of loans | 4% |
| Unsecured % of loans | 8% |
| Commercial % of net worth | 0% |
| Core shares % of member funds | 64% |
| Certificates % of member funds | 22% |
| Average share balance | $6,465 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | – |
| Loans outstanding per 100 members | 54% |
| Loans granted per 100 members, annualized | 14% |
| Average loan balance | $13,841 |
| Loans granted, annualized | $43.3M |

## Flags firing in the latest filing

- **delinquency 2x band** (`aq_dq_high`)
- **charge-offs p90** (`aq_nco_high`)
- **3rd-party paper>100% NW** (`str_thirdparty`)
- **auto monoline** (`str_vehicle`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 1 | 3rd-party paper>100% NW |  |
| 2016-06 | 1 |  |  |
| 2016-09 | 1 |  |  |
| 2016-12 | 2 | net worth falling |  |
| 2017-03 | 3 | thin capital |  |
| 2017-06 | 4 | auto monoline |  |
| 2017-09 | 4 |  |  |
| 2017-12 | 2 |  | net worth falling, thin capital |
| 2018-03 | 2 |  |  |
| 2018-06 | 2 |  |  |
| 2018-09 | 2 |  |  |
| 2018-12 | 2 |  |  |
| 2019-03 | 2 |  |  |
| 2019-06 | 3 | delinquency rising |  |
| 2019-09 | 2 |  | delinquency rising |
| 2019-12 | 3 | delinquency rising |  |
| 2020-03 | 2 |  | delinquency rising |
| 2020-06 | 4 | net worth falling, margin squeeze |  |
| 2020-09 | 5 | thin capital |  |
| 2020-12 | 4 |  | net worth falling |
| 2021-03 | 4 |  |  |
| 2021-06 | 4 |  |  |
| 2021-09 | 2 |  | margin squeeze, thin capital |
| 2021-12 | 2 |  |  |
| 2022-03 | 5 | thin capital, net worth falling, delinquency rising |  |
| 2022-06 | 3 |  | thin capital, net worth falling |
| 2022-09 | 4 | charge-offs p90 |  |
| 2022-12 | 4 |  |  |
| 2023-03 | 4 |  |  |
| 2023-06 | 4 | assets shrinking | delinquency rising |
| 2023-09 | 2 |  | charge-offs p90, assets shrinking |
| 2023-12 | 5 | net worth falling, charge-offs p90, repo signal |  |
| 2024-03 | 6 | delinquency 2x band, delinquency rising | repo signal |
| 2024-06 | 4 |  | net worth falling, delinquency 2x band |
| 2024-09 | 5 | delinquency 2x band |  |
| 2024-12 | 4 | net worth falling | delinquency rising, delinquency 2x band |
| 2025-03 | 4 | delinquency 2x band | net worth falling |
| 2025-06 | 5 | repo signal |  |
| 2025-09 | 4 |  | repo signal |
| 2025-12 | 5 | delinquency rising |  |
| 2026-03 | 4 |  | delinquency rising |

## In the news (Google News, unfiltered, newest first; check the city)

- 2026-04-10 [Michael Malone Obituary - Merced, CA - Dignity Memorial](https://news.google.com/rss/articles/CBMiggFBVV95cUxOdllkY3p5STJiUS15VHpITWp5VGNGNjBMME5STlpON0hLWE1LTno5V1B6SklZSjlVcXNxTUhxUmswYlpZdnFBRkNvZUZVY19QUmFzMXM0VnFNT2FVZEdnMy1BeWRkanRBVlMzRUNlbzRsR0FFS3pOTnhKd1EzTGF6N2x3?oc=5) · Dignity Memorial
- 2018-04-12 [Inspirational MERCO CEO Malone Retires After 20 Years - Merced County Times](https://news.google.com/rss/articles/CBMijAFBVV95cUxPUUVtcXhUeHlUajhyOEN1VHA5bXhtWS1xNHNHdFNKTGVsTHFWQnZPdFl6cjJaT0RpZ3Z5WWVsd1l4eDliOWdOSGVYZzYtWGU5OFNnb3h5RWVvZmFOYW5UUnhEYnJHZGNjRFBUWF9zZ2RDb0g4ZUlkeXd0VThNSUpzRkV2Z2R1cUlndFRjdw?oc=5) · Merced County Times
- 2023-05-17 [Expanding Equitable Access to Citibank Branch ATMs - Citigroup](https://news.google.com/rss/articles/CBMiqgFBVV95cUxQVzJ1RVB3ZTZweWtSYWwwLWNBSjgtV2pha0ZWZEI5aVd4WGtjVE1PNTBkREw4NXZzNmViOXk1dnFnOGRmaDJ5S1dndlVWUGNMVmRkNVNhMUkwdkVMc1VRVkNhQkVRWVhkX2RxaW94TXV4NnprUy1BdUJsZ21KMFVQU3FBV3hlMXFkajZETHIwTWRFS2dCTG1oRWV2YnJIOGFVQ3k5V1pJUDdTZw?oc=5) · Citigroup
- 2014-01-21 [Merced half marathon scheduled for June - Sacramento Bee](https://news.google.com/rss/articles/CBMiW0FVX3lxTE5ZZVRzak15Z3N4SWRDN05zSE03V0RKOHRUX1VMc2wzb0pLNUlEVWdSU0tZMXpCRFNZbkxzMjBNeXlSaERNVlJGRmhoOE5CRkQ0TGRpcWI5YjFoLUHSAVtBVV95cUxNZy1KaTRpSmJKZnNFSDR2N1RpV1FJUnR0SUZUMmM2NE5xSUVNUl9DQVYtN1d3d0pWVDdDVjVrdXhsVUdzQzRFbF9fUHpFR3JBdE15bmNZZkNWSy1Z?oc=5) · Sacramento Bee
- 2023-01-26 [‘It’s a huge bummer.’ Merced bike race canceled due to storm, flood impacts on gravel route - Merced Sun-Star](https://news.google.com/rss/articles/CBMib0FVX3lxTFB4UVMxM21PUFdYd0paWVBJX25uMEswUFQ2d29zMTBiOVcwc2ZOcTIxMjd0WWdBRDk0c1YwUVlNaXBBNjI5VVZHWmVCRmtnWTBXODhJSXNxVDlJeWdHbHBRbWd5eXJhQ3lJYmxnMVY0ONIBb0FVX3lxTE5VdEgyaERoU2VWd0JucmZrOHpYRUJjczVPNXBJUUQxaFBIcTFkeGlfdXpwYkxpVHlLMXFDdkdsTmQ0Yml2dzVuSWV6ZVBGY1lUdXBIek01blMxQy1kVmRUc1JEMUxMYU1yNEZXcTFjMA?oc=5) · Merced Sun-Star
- 2021-09-20 [Hanley Investment Group Arranges Sale of 96,224-Square-Foot Shopping Center in Atwater, California - Shopping Center Business](https://news.google.com/rss/articles/CBMizAFBVV95cUxNQWkxRWhHRWxNSTJDTWJUZ2FLNHlrSElJTk1UR2NUUndIcG9NWjhpQ2FZWGF3SnQ2d1p3M0NkMnZBbWpyMldxb04zM0FPU005U2pXQTN0T2RJdmR6LXg3ajNvakNqMlJfbFhEcU1IZTFDcHRzZGRsdGY0bG96MHZBUXo3SnZ1cVhySmZZSThodGZQNk9XM1ZSckpLckp3Rnd1RnB0b0hQVi1VNGVFMTRyNEgwcVBaYnhaWFRYNXlmTEVJcC10VW9qYmdFUGQ?oc=5) · Shopping Center Business
- 2016-08-13 [List of banks that support Apple Pay in the United States - 9to5Mac](https://news.google.com/rss/articles/CBMie0FVX3lxTE15UkVmX3k3aURqZXBKcFZCVTJuMEEzWTlLUEpQRDdTR25DQ2lPVXZGeEYycEVZcXl5RThsdlg3aUV6WHZFdWIzWDBUR2ZsT2FUcG1JWU5mbzJ3bVRUT0NjaEFFQXJaV0o1RklzdW03bzN2MXJoV3B1aFhEWQ?oc=5) · 9to5Mac
- 2022-06-03 [After COVID-caused hiatus, Merced County Fair set to launch for first time in two years - Merced Sun-Star](https://news.google.com/rss/articles/CBMib0FVX3lxTE40dUk3TV9FTDJkRGdwajc2VHl6NGZnV1hNYkFLMkFDVkxrNUVQNkRWWTg5ZU8tNUZQclk4Qzc5T255SlRIYWNWc3JNN2Z5dTdNaXI4MHBIZ181dEJWWENZR1NhT1YtY2g2WTlDRUEzd9IBb0FVX3lxTE5NM0FFT2VqMUZQVGdYLU9TMGR4SGF2VTJrOVJFdUhLaEhkNGpLWjltWGNhd2FvVTE3UVE5YW9HeG9yd1NPMURWVUZnUVNhS1VaZEJUOGprQVZhbnJHN0FLZ3NJZThjQmt1RWJuM0Nacw?oc=5) · Merced Sun-Star

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=64766 (every cell opens its formula and NCUA account codes; the News tab is the same search)
- Latest row, JSON: https://getbookiq.com/cu-intel/data/summary.json · history: https://getbookiq.com/cu-intel/data/h/62.json (key "64766", columns cycle, assets, loans, shares, networth, nwr, roa, total_dq_pct, total_nco_pct, vehicle, veh_pct_loans, indirect, ind_pct_veh, ind_veh, ind_re, ind_comm, ind_other, ind_pct_loans, loans_n, granted_n_ytd, granted_ann, loan_pen, granted_pen, avg_loan_bal, loans_per_fte, veh_part, tp_pct_nw, veh_dq_pct, veh_nco_pct, repo_pct_veh, members_yoy, ltos, cash_pct, borrow_pct, nim_pct, opex_pct, risk_score, members, fte, cash_total, invest_sec, allowance_eff, int_income_ytd, int_exp_ytd, provision_eff_ytd, nonint_income_ytd, nonint_exp_ytd, net_income_ytd, n_flags, re_pct_loans, cc_pct_loans, comm_pct_loans, cert_pct_shares, core_pct_shares, part_buy_ann, part_sell_ann, pot_members, sh_draft_n, chk_pen, fom_pen, flags)
- Participation history: https://getbookiq.com/participation-desk/#cu=64766
- Field definitions: https://getbookiq.com/dictionary/#cu-ltos and the rest of the credit union dictionary
- Source: NCUA 5300 call report bulk files. Income fields are annualized by cycle month (Mar x4, Jun x2, Sep x4/3, Dec x1). Percentiles are within the asset band in the same quarter.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide