Randolph County FCU Closed March 22 for Insolvency
ALEXANDRIA, Va.-NCUA was forced to shut the doors on a small credit union recently. Randolph County Federal Credit Union was closed down by the agency March 22 after NCUA determined it "is insolvent and has no prospects of restoring viable operations." Member funds were to be released within five days from NCUA's Asset Management and Assistance Center, the agency announced. NCUA assured that member deposits are insured up to $100,000 per account. The credit union held about $896,000 in assets when it was liquidated. Randolph County FCU had approximately 470 members and served the community of Elkins, W.V. since it was chartered in 1953. To date in 2005, NCUA has liquidated two credit unions without purchase and assumption by another credit union. Last year, NCUA liquidated 15 credit unions with 11 of those purchased and assumed. Those figures were up from the eight total liquidations and five P&As in 2003. However, the trend had been on the decline from 23 liquidations in 2000 with 17 P&As. Additionally, as of March 25, there had been two assisted mergers, compared with seven total in 2004.