The NCUA announced yesterday that it has closed Comunidades Federal Credit Union of Los Angeles and authorized that the majority of accounts be taken over by Water and Power Community Credit Union.
Comunidades is the sixth federally insured credit union liquidation this year. The NCUA said that the credit union's declining financial condition led to the closure. The credit union had $658,122 in assets and served 1,141 members.
Water and Power has $482.9 million in assets and 52,340 members with six branch locations. The take over of Comunidades' accounts ensures that the majority of members will have uninterrupted credit union service, the NCUA said.