NCUA Shutters Two Small CUs
ALEXANDRIA, Va. (3/18/13)--The National Credit Union Administration on Friday liquidated two troubled small credit unions: I.C.E. FCU, Inglewood, Calif., and Pepsi Cola FCU, Buena Park, Calif.
The agency in separate releases said it moved to liquidate the credit unions after it determined that both were insolvent and had no prospects for restoring viable operations.
The 942 member, $3.4 million-in-asset I.C.E. FCU was chartered in 1939 and served Inglewood city employees and their families.
Pepsi Cola FCU, chartered in 1956, served 558 members and held $652,000 in assets, the NCUA said. The credit union served employees of the Pepsi Cola Bottling Co.
The credit unions represented the third and fourth credit unions to be liquidated in 2013.
The agency reminded members that their deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. The NCUA's Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week, the agency added.
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