Pennsylvania Department of Banking Takes Control of Philadelphia Postal Workers CU

HARRISBURG, Pa. – Citing “some concern about the finances of the credit union,” the Pennsylvania Department of Banking assumed possession of Philadelphia Postal Workers CU, effective Sept. 13. Department of Banking Press Secretary Carol Gifford said the DofB had monitored the situation at PPWCU for several months before it took the action, and it was looking into the possibility of merging PPWCU into another credit union. If that happens it would be a supervisory merger, she said. She added that several credit unions have expressed an interest in having PPWCU merged into them. According to the notice the DofB gave to the Philadelphia Postal Workers CU’s members which Gifford said number “a few hundred,” members can continue to conduct transactions in the normal course of business. The regulator also assured members their deposits are safe and insured by the NCUA up to $100,000. Philadelphia Postal Workers CU has about $3 million in assets.