Search
 

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...

By Staff Writer | Updated on September 21, 2004

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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.