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News Now

Washington
Two CUs closed total now 13
ALEXANDRIA, Va. (10/7/08)—The National Credit Union Administration (NCUA) has liquidated a $6 million-asset credit union in West Virginia and a $1.8 million-asset credit union in Texas, bringing the total number of federally insurance credit unions to be closed this year to 13. In Wichita Falls, Tex., Postal Family CU has purchased the assets and assumed member shares of the recently liquidated TEXDOT-WF CU, according to an NCUA announcement. The Texas CU Department made a decision to liquidate TEXDOT-WF as of Sept. 30, and discontinued its independent operation after determining the credit union was insolvent and has no prospects for restoring viable operations. At the time of liquidation, the credit union served 530 members within various select employee groups. Postal Family CU is a state-chartered, federally insured institution, chartered in 1936 to serve U.S. Postal Service employees. It is a full service, $50 million-asset credit union with more than 6,100 members located throughout the country. In Bluefield, W.V., N&W Poca Division FCU went into liquidation Oct. 3. The NCUA Asset Management and Assistance Center will issue checks to individuals once it has verified balances in share accounts.The credit union served 1,194 members before the NCUA determined it was insolvent and had no prospects of restoring viable operations. The NCUA reminded that through the National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $250,000 on regular accounts and $250,000 on certain retirement accounts. Last week’s passage of the Emergency Economic Stabilization Act of 2008 increased share insurance protection for regulator accounts to $250,000, up from $100,000, until Dec. 31, 2009.


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