The $52 million BCT Federal Credit Union in Binghamton, N.Y., was placed in conservatorship on June 10 by the NCUA.
No specific reason was given for the move, the sixth conservatorship action by the NCUA so far this year.
The institution serves primarily the educational community of New York’s Southern Tier educational community and one county in Pennsylvania and will continue normal operations while the agency works to resolve issues affecting BCT FCU’s safety and soundness, the NCUA said.
Members’ assets are protected by the NCUSIF up to $250,000. The agency said BCT FCU’s 3,911 members can continue to conduct financial transactions as normal. The CU was chartered in 1941 and has an online presence and three physical locations – in Binghamton and Endicott, N.Y., and Montrose, Pa.