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ALEXANDRIA, Va. (February 13, 2009) – The National Credit Union Administration (NCUA) placed Center Valley Federal Credit Union of Wheeling, West Virginia, into liquidation Friday, February 13, 2009.

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.

NCUA made the decision to liquidate Center Valley Federal Credit Union and discontinue its independent operation after determining that the credit union is insolvent and has no prospects for restoring viable operations. 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.

NCUA chartered Center Valley Federal Credit Union in 1975 to serve employees of the Ohio Valley Medical Center in Wheeling, West Virginia, and the underserved area known as South Wheeling.

ALEXANDRIA, Va. (May 15, 2009) – The National Credit Union Administration (NCUA) was appointed liquidating agent of Rouge Employees Credit Union in Dearborn by the Michigan Office of Financial & Insurance Regulation on May 15, 2009. Effective May 18, 2009, Rouge Employees Credit Union members will be served by Chief Financial Federal Credit Union (formerly Chief Pontiac Federal Credit Union) of Pontiac, Michigan.

 

Chief Financial Federal Credit Union purchased and assumed Rouge Employees Credit Union’s assets, loans and shares, enabling Rouge’s members to continue to receive uninterrupted credit union service. Rouge’s declining financial condition led to the closure and subsequent purchase and assumption by Chief Financial Federal Credit Union. Rouge Employees Credit Union had $23 million in assets and served 6,200 members.

 

Chief Financial Federal Credit Union is a full service credit union and it new members will have access to a broad array of financial services offered throughout a wide service area. With assets of $82.9 million, Chief Financial FCU serves approximately 13,480 members from employee and associational groups, along with an underserved area encompassing portions of Dearborn Heights, Inkster, Romulus, Taylor, Wayne, or Westland, Michigan. The headquarters office is located at 790 Joslyn Avenue in Pontiac, Michigan. Chief Financial FCU has three branch offices serving members throughout its service area. The credit union also offers online transaction service.

 

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.

High Desert FCU Members Will Be Served by Alaska USA FCU; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (June 18, 2009) — The National Credit Union Administration (NCUA) today accepted Alaska USA Federal Credit Union’s offer to purchase certain assets and assume the shares and certain liabilities of High Desert Federal Credit Union (High Desert) of Apple Valley, California. Alaska USA Federal Credit Union, headquartered in Anchorage, Alaska, will provide High Desert members with uninterrupted credit union service.

NCUA has been overseeing the operations of High Desert since October, 16, 2008, when the NCUA Board placed the credit union into conservatorship. The action was taken to protect member assets while addressing operational issues within High Desert. While ensuring safety and soundness, NCUA has been operating the credit union with the goal of continuing credit union service to members through a merger with or purchase by another credit union.

Alaska USA Federal Credit Union was chartered in 1948. It is a full service $3.9 billion federally chartered credit union with more than 350,000 members located throughout the United States. Alaska USA has 52 branches in Alaska and Washington and also serves its members through over 5,600 shared service center locations nationwide.

Founded in 1951, High Desert Federal Credit Union was originally chartered to serve George Air Force Base in Victorville, California, and now serves the residents of San Bernardino County, California. High Desert has assets of $102 million and serves over 11,000 members.

ALEXANDRIA, Va. (July 6, 2009) – The National Credit Union Administration (NCUA) accepted appointment as the liquidating agent of Watts United Credit Union of Los Angeles, California, following the decision of the California Department of Financial Institutions to place the credit union into liquidation on Monday, July 6, 2009.

 

The NCUA Asset Management and Assistance Center will issue checks to individuals once they have verified the balances in share accounts in the Watts United 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.

 

The California Department of Financial Institutions made the decision to liquidate Watts United Credit Union and discontinue its operation after determining that the credit union is insolvent and has no prospects for restoring viable operations. At the time of liquidation, the credit union served 1,067 members and had deposits of approximately $800,000. This is the second federally insured credit union to close in 2009.

 

Watts United Credit Union was chartered by the California Department of Financial Institutions to serve residents of the Los Angeles community of Watts.

ALEXANDRIA, Va. (August 12, 2009)  — The National Credit Union Administration (NCUA) yesterday closed Community One Federal Credit Union of Las Vegas, Nevada, and authorized the purchase and assumption (P&A) of its assets and shares by America First Federal Credit Union of Riverdale, Utah.

The America First Federal Credit Union P&A provides Community One FCU members with uninterrupted credit union service. Community One Federal Credit Union’s declining financial condition led to its closure. It had $159 million in assets and served 21,098 members in Clark County, Nevada. This is the 5th federally insured credit union liquidation in 2009.

America First Federal Credit Union is a full service institution. It has $4.9 billion in assets and serves approximately 495,939 members in and around the state of Utah. Its headquarters is located at 1344 West 4675 South, Riverdale, Utah, and it has 88 branch locations and offers online transaction service as well.

 

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.

ALEXANDRIA, Va. (August 28, 2009) – The National Credit Union Administration (NCUA) today liquidated Free Choice Federal Credit Union (Free Choice) in Feasterville, Pennsylvania. Its members’ share accounts were purchased and assumed by Trumark Financial Credit Union of Trevose, Pennsylvania, providing Free Choice members with uninterrupted credit union service.

Chartered in 1955, liquidated Free Choice had assets of more than $326,000, and it served over 400 members from 20 select groups.

Kaiser Lakeside Credit Union Placed into Liquidation; SafeAmerica Credit Union

ALEXANDRIA, Va. (August 31, 2009) – The National Credit Union Administration (NCUA) today was appointed liquidating agent of Kaiser Lakeside Credit Union (Kaiser Lakeside) of Oakland, California by the California Department of Financial Institutions (DFI).

Immediately following appointment as liquidating agent of Kaiser Lakeside, NCUA entered into an agreement with SafeAmerica Credit Union (SafeAmerica) of Pleasanton, California, to purchase and assume certain assets and liabilities of Kaiser Lakeside. At the time of liquidation, Kaiser Lakeside had approximately $24 million in assets and served 3,500 members. Kaiser Lakeside was established in 1953 to serve the employees of Kaiser Industries and ultimately expanded to serve the residents of Alameda and Contra Costa counties.

Members of Kaiser Lakeside will experienced no interruption of credit union service during this process. SafeAmerica will continue operating Kaiser Lakeside’s branch and member accounts remain federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to at least $250,000. 

 

SafeAmerica Credit Union is a state-chartered, federally insured institution chartered in 1953. It is a full service, $315 million credit union serving more than 26,000 members via four retail and two employer sponsor branch locations.

Comunidades FCU Closes Majority of Members Now Served by Water and Power Community CU; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (September 22, 2009) – The National Credit Union Administration (NCUA) today closed Comunidades Federal Credit Union of Los Angeles, California, and authorized the assumption of a majority of accounts by Water and Power Community Credit Union of Los Angeles, California.

The Water and Power Community Credit Union share assumption provides a majority of Comunidades FCU members with uninterrupted credit union service. Comunidades Federal Credit Union’s declining financial condition led to its closure. It had $658,122 in assets and served 1,141 members in Los Angeles, California.  This is the 6th federally insured credit union liquidation in 2009.

Water and Power Community Credit Union is a full service institution.  It has $482.9 million in assets and serves approximately 52,340 members in and around the state of California.  Its headquarters is located at 1053 W. Sunset Blvd., Los Angeles, California, and it has 6 branch locations and offers online transaction service as well. 

 

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.

ALEXANDRIA, Va. (September 25, 2009) – The National Credit Union Administration (NCUA) today accepted appointment as liquidating agent of Clearstar Financial Credit Union, in Reno Nevada, following the Nevada Division of Financial Institution’s decision to close the credit union effective September 25, 2009.

United Federal Credit Union purchased and assumed Clearstar Financial Credit Union’s assets, loans and shares, enabling Clearstar’s members to continue to receive uninterrupted credit union service. Clearstar Financial Credit Union’s declining financial condition led to the closure and subsequent purchase and assumption by United Federal Credit Union. Clearstar Financial Credit Union had $144 million in assets and served 16,000 members.

United 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 a wide service area. With assets of $941 million, United FCU serves approximately 78,000 members from employee and associational groups in various states throughout the country. The headquarters office is located at 2807 South State Street in St Joseph, Michigan. United Federal Credit Union has fifteen branch offices serving members throughout its service area. The credit union also offers online transaction service. 

 

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 7th federally insured credit union liquidation in 2009.