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Palisades Federal Credit Union of Pearl River, N.Y., grew again last week by again taking most of the assets of a small New York credit union in liquidation.

NCUA liquidated and closed the Radio, Television and Communication Federal Credit Union of Staten Island ($3.1 million in assets, 416 members as of June 30) on Friday “after determining the credit union was insolvent with no prospect for restoring viable operations on its own,” a NCUA news release said. It was the seventh federally insured credit union liquidation this year.

Radio, Television and Communication lost $205,675 in 2016 and $262,994 in 2017 and $75,355 in the first half of 2018.

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Jim DuPlessis

A journalist for decades.

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