The NCUA said Friday night that it had liquidated the $4.25 million O.U.R. Federal Credit Union in Eugene, Ore., and sold “certain … assets and member shares” to the $675 million Northwest Community CU in Springfield, Ore.
The liquidation of the 1,379-member O.U.R. FCU followed its going into conservatorship in June. It was founded in 1969 and served the residents of Lane County, Ore., participating within the past 12 months in programs of the Lane County Department of Community Health and Social Services, the NCUA said.
“NCUA made the decision to liquidate and discontinue the operations of O.U.R. Federal Credit Union after determining the credit union was insolvent and has no prospect for restoring viable operations on its own,” the agency said in a statement.
The NCUA said the liquidation was the 14th of a federally insured credit union this year. The agency said the former credit union's members will now be members of Northwest Community CU with no interruption in service or asset insurance coverage.
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