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News Now

Washington
Small Calif. CU liquidation is 2009s sixth
ALEXANDRIA, Va. (7/8/09)--California-based Watts United Credit Union on Monday was liquidated after the California Department of Financial Institutions determined that it was insolvent and had “no prospects for restoring viable operations.” In a statement released Tuesday, the National Credit Union Administration said that it will serve as the liquidating agent, and the NCUA Asset Management and Assistance Center will pay out funds to former Watts United members. The credit union, which was chartered to serve residents of the Watts neighborhood in Los Angeles, is the second federally insured credit union to shut its doors this year, according to the NCUA. A total of six credit unions have closed this year. The credit union held $800,000 in total deposits from just over 1,000 members prior to its liquidation.


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