ALEXANDRIA, Va. (7/2/13)--PEF FCU, which was taken under conservatorship by the National Credit Union Administration late last month, has been liquidated.
Best Reward CU, Brook Park, Ohio, has assumed certain members, shares assets and liabilities from PEF. Best Reward CU holds $100 million in assets and has 12,700 members. The new Best Reward CU members will experience no interruption in services, NCUA said. Their accounts remain insured up to $250,000 by the National Credit Union Share Insurance Fund.
PEF, which had 2,974 members and held $31.3 million in assets, was placed under conservatorship to protect the credit union's financial stability and operations, NCUA said. However, the agency said Monday it later determined PEF FCU had no prospect for restoring viable operations.
The Highland Heights, Ohio, credit union was originally chartered in 1957 as Picker X-ray CU, and served those who live, work, worship or attend school in the eastern section of Cuyahoga County, Ohio.
PEF is the 11th credit union to be liquidated this year. ASI FCU of Harahan, La., assumed the members, deposits and loans of New Orleans, La.-based Ochsner Clinic FCU late last week. (See July 1 News Now story: ASI FCU Assumes Ochsner Clinic FCU Shares.)
For the full NCUA release, use the resource link.