Regulators Close 12th and 13th Federally Insured CUs This Year
WASHINGTON -- Two credit unions closed last week, bringing the total number of federally insured credit unions to close this year to 13.
Postal Family Credit Union of Wichita Falls, Texas, has purchased the assets of TEXDOT-WF Credit Union, which state authorities closed last week. The NCUA liquidated N&W Poca Division Federal Credit Union in Bluefield, W. Va.
TEXDOT-WF Credit Union had approximately $1.8 million assets and 530 members. It was a state-chartered credit union and was liquidated by the Texas Credit Union Department. Its latest financial report indicated that its assets declined 63.7% during the second quarter of 2008, and its liabilities increased 407.4%. Its equity dropped 63.7% during that period.
Postal Family Credit Union has $50 million in assets and more than 6,100 members.
NCUA liquidated N&W Poca Division Federal Credit Union, which had assets of $6 million and 1,194 members. Its latest financial report indicated that its assets declined 30.7% in the second quarter of 2008 and its loan income fell 7.2%.
All accounts at NCUA-insured credit unions are insured up to $250,000.