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News Now

Washington
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.


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