Regulators pulled the plug Friday on the $13.4 million Parsons Pittsburg Credit Union, liquidating the institution after placing it into conservatorship approximately 60 days ago.
The Kansas Department of Credit Unions discontinued Parsons Pittsburg's operations after determining the credit union was insolvent and had no prospect for restoring viable operations on its own, the NCUA said in a press release. The state regulator named NCUA liquidating agent of the Parsons, Kan.-based cooperative.
The $418.5 million Golden Plains Credit Union in Garden City, Kan., assumed Parsons Pittsburg's assets, members, shares and loans. The NCUA said former Parsons Pittsburg members will not experience any interruption in services. Parsons is located nearly 350 miles from Golden Plain CU's headquarters in Garden City.
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