C-Plant FCU Purchases IBEW Local 816 CU
The NCUA said Thursday the $178.7 million C-Plant Federal Credit Union in Paducah, Ky., purchased the IBEW Local 816 Federal Credit Union in Paducah, which the agency liquidated on July 10.
The NCUA said it had determined the credit union was insolvent and unable to continue its operations.
As previously reported by CU Times, IBEW’s manager, Debra C. Pyfrom of Reidland, Ky., admitted she stole more than $100,000 from the credit union over a two-year period.
Pyfrom, 60, was ultimately charged with two counts of theft on July 10.
As of Thursday, C-Plant, originally chartered in 1951, had purchased the majority of the credit union’s loan portfolio. IBEW’s former members are now members of C-Plant.
C-Plant serves individuals living, working, worshipping or attending school in Graves, Ballard, Livingston or McCracken counties in Kentucky.