WASHINGTON — Port Trust Federal Credit Union was declared insolvent and ordered closed by NCUA on Tuesday.
The 260-member FCU in Charleston, S.C., had two employees and $460,915 in assets. It was chartered in 2006.
According to its latest financial statement, filed with NCUA in June, its investment income fell 29% during the second quarter and its nonoperating income fell 13.5% in that period. Its share drafts declined 45.3%, and its total equity fell 49.3%.
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NCUA, which insures deposits up to at least $100,000 per account and up to $250,000 for certain retirement accounts through NCUSIF, will issue checks to members with verified share accounts within a week.
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