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HeritageWest Federal Credit Union Members Now Served by Chartway Federal Credit Union; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (December 31, 2009) – The National Credit Union Administration (NCUA) today liquidated HeritageWest Federal Credit Union of Tooele, Utah, and accepted Chartway Federal Credit Union’s offer to purchase and assume the credit union.

Chartway Federal Credit Union purchased and assumed HeritageWest Federal Credit Union’s assets, loans and shares, enabling HeritageWest members to continue to receive uninterrupted credit union service. HeritageWest Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by Chartway Federal Credit Union. At closure, HeritageWest Federal Credit Union had $311 million in assets and served 40,000 members.

Chartway Federal Credit Union is a full service credit union and its new members will have access to a broad array of financial services offered throughout the United States. With assets of $1.2 billion, Chartway FCU serves approximately 154,000 members located throughout the country. Chartway has 52 branch locations in Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, Texas, and Virginia and also serves its members through nearly 4,000 shared service locations nationwide.

Member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government. This is the 15th federally insured credit union liquidation in 2009.