ALEXANDRIA, Va. (12/5/11)—The National Credit Union Administration (NCUA) announced Friday that it liquidated a small Eugene, Ore. federal credit union that had been placed into conservatorship in June.
Certain assets and member shares of that credit union, O.U.R. FCU, were immediately purchased and assumed by Northwest Community CU of Springfield, Ore., according to the NCUA announcement.
O.U.R. FCU, with $4.3 million, had been placed under conservatorship to allow it to continue full operations for its 2,184 members while operating under NCUA control and addressing previous service and operational weaknesses.
The assumed accounts of the new Northwest Community CU continue to be federally insured and the new Northwest Community members will experience no interruption in services. Northwest Community Credit Union serves more than 71,000 members in 15 Oregon counties and has approximately $675 million in total assets.
NCUA made the decision to liquidate and discontinue the operations of O.U.R. Federal Credit Union after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by Northwest Community Credit Union, the former credit union served 1,379 members and had deposits of approximately $4.25 million.
O.U.R. FCU, chartered in 1969, fourteenth federally insured credit union liquidation in 2011.