The NCUA closed Phil-Pet Federal Credit Union after determining that it is insolvent and transferred its assets to Pantex Federal Credit Union.
Phil-Pet FCU, which was founded in 1940, was headquartered in Pampa, Texas. It had 765 members and assets of $3.2 million. It was closed on Monday and the agency announced it on Thursday.
According to its most recent Financial Performance Report, which covers the second quarter of 2010, the value of its loans declined by 8.4% during that period and its assets declined 4.9%.
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