Kinecta Assumes I.C.E. FCU Assets in P&A Deal
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.
Kinecta serves individuals who live, work, worship or attend school in the central Los Angeles area, as well as select employer groups and members of the Consumers Cooperative Society of Santa Monica.
Kinecta also has a substantial market share in central Los Angeles through its subsidiary, Nix Chex Cashing, which it purchased in 2007. Now rebranded as Nix Financial, the short term loan, check cashing and money order provider has 41 locations in the greater Los Angeles area, with 28 of them located in South Los Angeles, according to its website.