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State orders Sacramento District Postal ECU liquidated
SAN FRANCISCO (8/16/11)--Sacramento District Postal Employees CU (SDPECU), a privately insured, state-chartered credit union in California, has been closed, announced the California Department of Financial Institutions (DFI) Friday. Citing inadequate capital, the agency ordered the $20.7 million asset credit union to be liquidated. The regulator emphasized that members' deposits are safe and insured for up to $250,000 per account by American Share Insurance (ASI), the nation's largest private share insurance provider. DFI appointed the Dublin, Ohio-based ASI as the liquidating agent. ASI has arranged the transfer of SDPECU member share accounts to Southern California Postal CU, a $56 million asset credit union based in Long Beach, Calif., said press releases from both DFI and ASI. SoCal purchased all of SDPECU's loans and other assets and assumed all its share account liabilities, enabling SDPECU's members to receive uninterrupted credit union services, said ASI. ASI said the closed credit union reported $20 million in assets as of July 31 and served 3,800 postal workers in the Sacramento area. SoCal serves about 4,400 members who are principally postal workers in southern California. Members of the closed credit union can visit the Southern California Postal CU website at www.scpcu.org for more information about the transaction's effect on their accounts.


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