WASHINGTON — The NCUA today placed Center Valley Federal Credit Union of Wheeling, West Virginia, into liquidation.
The credit union is "insolvent and has no prospects for restoring viable operations," the agency said in a statement.
At the time of liquidation, the credit union served 3,150 members and had deposits of approximately $8 million. This is the second federally insured credit union to close in 2009.
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The NCUA asset management and assistance center will issue checks to individuals once they have verified the balances in share accounts in the Center Valley Federal Credit Union.
Through the NCUA National Credit Union Share Insurance Fund, credit union members' deposits are insured to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.
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