Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

NCUA liquidates 12.8 million asset CU
ALEXANDRIA, Va. (7/29/08)—New London Security FCU, New London, Conn., was liquidated Monday by the National Credit Union Administration (NCUA). The agency said in its announcement that it closed the $12.7 million-asset credit union because it was determined to be insolvent with no prospects for restoring viable operations. According to 5300 Call Report data, the credit union had only about $68,000 in cash to cover $10 million in share deposits. The credit union didn’t have many loans, but had its funds tied up in securities. If there was difficulty in selling them, the credit union would have trouble covering member withdrawals. The NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union. Through the National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $100,000 per account. The credit union was chartered in 1936 and at the time of liquidation served 365 New London-area residents.

RSS print
News Now LiveWire
Catch the $ave Wave during #creditunions #CUYouthWeek!
59 seconds ago
30+ states allow #creditunions to act as public depositories, another Northeastern state may soon follow suit #CUNA
1 hours ago
New #databreach at Michaels & associated business Aaron Brothers may have impacted 2.6m cardholders
2 hours ago
#creditunion-community ties stressed during public funds depository testimony by @MassLeague See #NewsNow
2 hours ago
Large CU stress testing on the agenda for the April @theNCUA open meeting
11 hours ago