The NCUA on Friday liquidated its first credit union of the year, the 6,800-member Eastern New York Federal Credit Union in Napanoch, N.Y.
The $758 million USAlliance FCU of Rye, N.Y., immediately assumed Eastern New York FCU’s members, loans, debts and assets, including deposits of approximately $49 million, the NCUA said.
“NCUA made the decision to liquidate Eastern New York Federal Credit Union and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own,” the agency said in a statement.
Accounts remain insured for up to $250,000 by the NCUSIF and member services will not be interrupted, the NCUA said.
Eastern New York FCU was chartered in 1961, had six locations and served state and government industry employees located in nine counties of New York State.