Horizon FCU Picks Up Membership of Insolvent CU
ALEXANDRIA, Va.-NCUA liquidated $11 million Lock Haven Area Federal Credit Union August 8 and transferred member accounts to Horizon Federal Credit Union of Williamsport, Pa. The agency had determined that the credit union was insolvent. According to the March 2005 Call Report, Lock Haven had -3.81 net worth. NCUA was working with $27 million Horizon to reopen Lock Haven as a branch of Horizon Federal Credit Union by noon the next day. Horizon has 6,822 members, while Lock Haven had 3,270, NCUA Call Report data showed. The agency reminded that member accounts are insured up to $100,000.