ALEXANDRIA, Va.-NCUA recently announced the liquidation of two credit unions. Nor-Car Federal Credit Union in Easton, Pa., which had approximately $32 million in assets, was liquidated due to insolvency. Its member accounts were transferred to First Commonwealth Federal Credit Union. NCUA placed the credit union into conservatorship last November. An NCUA spokesperson could not comment further because an investigation is underway. NCUA's Asset Management and Assistance Center in Austin, Texas, will notify the creditors of record. Inquiries should be directed to the AMAC. In addition, NCUA has liquidated Little Haiti-Edison Federal Credit Union in Miami, Fla., and authorized the purchase and assumption of its assets and liabilities by Peoples Credit Union of North Miami. Peoples Credit Union has $54 million in assets and over 17,000 members. It is providing continued service to Little Haiti-Edison Federal Credit Union's 1,500 members. The insolvent credit union had approximately $2 million in assets. Member deposits are safe and insured by the National Credit Union Share Insurance Fund up to $100,000 per account, said NCUA.
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From the October-13, 2004 issue of Credit Union Times Magazine • Subscribe!
NCUA Liquidates Two CUs
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