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NCUA liquidates 17th CU of 2010
ALEXANDRIA, Va. (11/02/10)--Spokane, Wash.’s The Union CU (TUCU) was officially liquidated by the National Credit Union Administration (NCUA) late last week. The $12 million asset credit union was the 17th federally backed credit union to be liquidated this year. TUCU served 3,115 members at the time of its closure. The NCUA was appointed liquidating agent by the Washington Department of Financial Institutions (DFI) last week after the state agency closed TUCU. The NCUA then entered into a pair of agreements that shifted some of TUCU’s assets and liabilities to Alaska USA FCU and Spokane, Wash.-based Numerica CU. In a joint letter to ex-members of TUCU, the CEOs of Alaska USA and Numerica said that “all share savings, certificates and checking accounts, as well as share/certificate secured loans, credit line loans with established overdraft protection agreements, and business credit cards were transferred to Numerica.” “All other loans, including personal credit card accounts, were transferred to Alaska USA,” the letter added. Numerica holds $1 billion in assets from 84,000 members. Alaska USA holds $4.1 billion in assets from 399,000 members. For the full NCUA release, use the resource link.
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