ALEXANDRIA, Va. (12/1/11)--Visions FCU of Endicott, N.Y., has assumed the assets, liabilities, and member shares of Binghamton, N.Y.-based BCT FCU after the National Credit Union Administration (NCUA) liquidated BCT on Wednesday.
The NCUA said it made the decision to liquidate the 3,900 member, $41.3 million in deposits credit union "after determining the credit union was insolvent and has no prospect for restoring viable operations on its own." BCT FCU served the educational community in New York's southern tier for 67 years.
BCT FCU was placed into conservatorship by the NCUA in June. It is the 13th credit union liquidation in 2011.
Visions FCU holds $2.7 billion in assets and has approximately 127,000 members.