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News Now

Washington
3.7M-asset Texas CU becomes 16th 2010 liquidation
ALEXANDRIA, Va.--Phil-Pet FCU, Pampa, Texas, became the 16th credit union liquidation of the year when the National Credit Union Administration (NCUA) liquidated the $37 million-asset credit union. The credit union was determined by the NCUA to be insolvent and the agency’s Asset Management Assistance Center will transfer share accounts to Pantex FCU of Borger, Texas. Pantex, a full-service credit union, also has branches in Pampa, as well as in Fritch. It has $216.8 million in assets and serves approximately 15,939 members in the Texas Panhandle. Phil-Pet, chartered in 1940, served 765 members. It is the 26th credit union failute of the year. There have been 132 bank failures in 2010.


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