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News Now

Washington
2.9 million West Hartford CU is liquidated
ALEXANDRIA, Va. (12/8/08)—The National Credit Union Administration (NCUA) announced Friday it accepted appointment as receiver/liquidator of $2.9 million-in-assets West Hartford CU, Inc., following the decision of the State of Connecticut Department of Banking to close the credit union. State Banking Commissioner Howard Pitkin declared that the financial condition of the Farmington, Conn. credit union was unsafe and unsound. He petitioned the Superior Court for the Judicial District of Hartford County to name the NCUA as receiver after determining the credit union had inadequate capital and was experiencing significant loan losses. The state regulator attributed the credit union’s elevated risk to poor credit administration practices and recordkeeping. “We are saddened by this development related to the West Hartford Credit Union,” Pitkin commented in a release. “But my primary responsibility is the protection of Connecticut consumers. Therefore, we were forced to close the doors of this institution.” James Heckman, legislative director for the Connecticut regulator, told News Now Friday that the credit union had been having difficulties for some time and current economic conditions “added to the level of financial burden to the organization.” At the time of liquidation, the credit union—chartered in 1959 and serving Litchfield, Hartford, Middlesex, and New Haven counties--served 1,206 members. The NCUA Asset Management and Assistance Center will issue checks to members holding verified share accounts in the credit union within one week. The NCUA National Credit Union Share Insurance Fund insures credit union member deposits to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.


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