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The NCUA on Monday liquidated the $778,129 Olean Tile Employees FCU of Olean, N.Y. The federal regulator said it made the decision to pull the plug on OTEFCU after determining the credit union was insolvent and had no prospect for restoring viable operations.

The credit union’s sponsor organization, the Dal-Tile plant in Olean, closed its doors on Dec. 12 after nearly 100 years in operation, according to the Olean Times Herald.  The credit union was located onsite at the plant.

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