The NCUA said Sunday it has liquidated the $635,000 People for People Community Development Credit Union in Philadelphia.
The 1,600-member CDCU’s members and loans were sold to the $1.35 billion, 96,000-member TruMark Financial CU, also in Philadelphia, the agency said.
The NCUA had first conserved People for People CDCU in January.
“NCUA made the decision to liquidate People for People CDCU 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 Sunday.
People for People CDCU was chartered in 1999 by the Pennsylvania Department of Banking to serve a community located in north central Philadelphia.
“The Pennsylvania Department of Banking concurred with the decisions to liquidate People for People CDCU and to transfer the former credit union’s members and loans to TruMark Financial Credit Union,” the NCUA said in its statement.
People for People CDCU is the second federally insured credit union liquidated in 2012, after the $49 million Eastern New York FCU in Napanoch, N.Y.