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News Now

Washington
Magnolia FCU purchases assets of Valued Members FCU
ALEXANDRIA, Va. (6/1/11)--Valued Members FCU of Jackson, Miss., with $9 million in assets and 2,000 members, was liquidated by the National Credit Union Administration (NCUA) Tuesday. Magnolia FCU, also of Jackson, immediately purchased and assumed the closed credit union’s assets, liabilities and members. Early in May, the NCUA announced it would work with Valued Members FCU to “resolve issues” affecting safety and soundness. The agency said that placing the troubled credit union into conservatorship would enable the institution to continue regular operations "with expert management in place, correcting previous service and operational weaknesses." It also enabled members to continue their business with their credit union. However, yesterday the NCUA said the credit union's declining financial condition led to its closure and subsequent purchase and assumption. The accounts of the new Magnolia FCU members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. The new Magnolia FCU members also will experience no interruption in services. Magnolia Federal is a large, full-service institution with $104 million in assets and more than 14,600 members.


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