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Washington
NCUA announces CU liquidation merger
ALEXANDRIA, Va. (7/2/10)--The National Credit Union Administration (NCUA) on Thursday allowed Virginia Beach, Va.-based Chartway FCU to assume some of the assets and liabilities of Saint George, Utah’s, Southwest Community FCU, which was liquidated on Wednesday. Southwest, which was founded in 1937, held just over $139 million in assets from 19,041 members at the time of its liquidation. In a Thursday release, the NCUA said that services to former Southwest members will not be interrupted and that $250,000 of each of those member accounts will remain covered by the National Credit Union Share Insurance Fund (NCUSIF). Chartway FCU holds $1.6 billion in assets from 191,000 members spread throughout the southeast, New Jersey, Ohio, Rhode Island and Utah through individual and shared locations. This is the 10th federally insured credit union liquidation in 2010. The NCUA also announced the merger of Marks, Miss.'s First Delta FCU and Shreveport (La.) FCU on Thursday. First Delta had been held in conservatorship by the NCUA since October and held $5.6 million in assets from 3,000 members at the time of its closure. Shreveport FCU currently holds $81.9 million in assets from 18,000 members in Mississippi and Louisiana. For the full NCUA releases, use the resource links.
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