The NCUA on Friday liquidated its first credit union of the year, the 6,800-member Eastern New York Federal Credit Union in Napanoch, N.Y.
The $758 million USAlliance FCU of Rye, N.Y., immediately assumed Eastern New York FCU's members, loans, debts and assets, including deposits of approximately $49 million, the NCUA said.
“NCUA made the decision to liquidate Eastern New York Federal Credit Union and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own,” the agency said in a statement.
Accounts remain insured for up to $250,000 by the NCUSIF and member services will not be interrupted, the NCUA said.
Eastern New York FCU was chartered in 1961, had six locations and served state and government industry employees located in nine counties of New York State.
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:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 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.
