WASHINGTON — Meriden FA Federal Credit Union, which had served members of the Franco-American Club in Meriden, Connecticut since 1954, was declared insolvent and ordered closed by NCUA today.
The 206-member FCU, had one employee and $337,968 in assets.
According to its latest financial statement, filed with NCUA in March, its accounts payable and outstanding loans increased 428% between January and March. Its loan income declined 6.5% during the period, while its investment income increased 16.7%. All other income declined 100%.
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NCUA, which insures deposits up to at least $100,000 per account through its National Credit Union Share Insurance Fund, will issue checks to members with verified share accounts within a week.
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