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NCUA takes control of small Pa. CU
ALEXANDRIA, Va. (2/18/11)-- The National Credit Union Administration (NCUA) assumed control of operations at Greensburg Community FCU, Greensburg, Pa., on Thursday and assured service to its 983 members continues uninterrupted. In its release announcing the action, the NCUA noted that the decision to conserve a credit union enables the institution to continue normal operations with expert management in place correcting previous service and operational weaknesses. The Federal Credit Union Act authorizes the NCUA board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests or protect the federal share insurance fund. Greensburg Community members can continue to conduct normal financial transactions--including depositing and accessing funds, make loan payments and use share drafts. Greensburg Community has assets of $2.2 million, and provides financial services to persons who live, work, worship, or go to school in, and business and other legal entities within a radius of three miles of the U.S. Post Office in Greensburg. This is the first federal credit union conservatorship of 2011. There have been two liquidation so far this year.


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