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NCUA closes merges P.R.-based 3.6M asset FCU
ALEXANDRIA, Va. (9/14/10)–-The National Credit Union Administration (NCUA) on Monday approved the liquidation of the $3.6 million asset, 1,956 member Industries Puerto Rico FCU. The credit union, which was based in Manati, P.R., was then purchased by $16.3 million asset Borinquen Community FCU. In a release, NCUA said that Industries Puerto Rico’s worsening financial condition resulted in its liquidation. Industries Puerto Rico FCU is the 15th federally insured credit union to be liquidated this year. NCUA recently said that it would look for ways to improve the overall merger process. It told the Credit Union National Association that it would release a national merger registry, which would provide the names of potential credit union merger partners, in October. For the full NCUA release, use the resource link.
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