The NCUA on Friday liquidated its first credit union of theyear, the 6,800-member Eastern New York Federal Credit Union inNapanoch, N.Y.
|The $758 million USAllianceFCU of Rye, N.Y., immediately assumed Eastern New York FCU'smembers, loans, debts and assets, including deposits ofapproximately $49 million, the NCUA said.
|“NCUA made the decision to liquidate Eastern New York FederalCredit Union and discontinue its operations after determining thecredit union was insolvent and has no prospect for restoring viableoperations on its own,” the agency said in a statement.
|Accounts remain insured for up to $250,000 by the NCUSIF andmember services will not be interrupted, the NCUA said.
|Eastern New York FCU was chartered in 1961, had six locationsand served state and government industry employees located in ninecounties of New York State.
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