The NCUA announced Wednesday it has executed a purchase and assumption agreement with the $2.3 billion Kinecta FCU of Manhattan Beach, Calif. in which the 242,000-member credit union will assume the assets, shares and memberships of the seized $3.4 million I.C.E FCU.
The former members of I.C.E. FCU in Inglewood will receive information by mail from Kinecta and NCUA's Asset Management and Assistance Center, the regulator said in a release.
NCUA liquidated I.C.E. FCU March 15 after determining the small credit union was insolvent and had no prospect for restoring viable operations.
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