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Washington Archive

Washington

El Pasos FCU is ninth liquidation of 2012

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ALEXANDRIA, Va. (10/1/12)--El Paso's FCU, El Paso, Texas, became the ninth credit union to be liquidated in 2012 when the National Credit Union Administration (NCUA) last week determined the credit union had no prospect to restore operations.

El Paso's FCU held approximately $5 million in assets from 1,035 members when it was liquidated, the NCUA said. The credit union, which was originally chartered as El Paso Smelter FCU in 1952, served employees of American Smelting and Refining Company, select employee groups, and other affinity groups.

Member deposits at the credit union are insured up to $250,000 by the National Credit Union Share Insurance Fund, and the NCUA said its Asset Management and Assistance Center will transfer some share accounts to El Paso Area Teachers FCU, El Paso, Texas.

For the full NCUA release, use the resource link.