The NCUA said Thursday the $178.7 million C-Plant Federal Credit Union in Paducah, Ky., purchased the IBEW Local 816 Federal Credit Union in Paducah, which the agency liquidated on July 10.
The NCUA said it had determined the credit union was insolvent and unable to continue its operations.
As previously reported by CU Times, IBEW's manager, Debra C. Pyfrom of Reidland, Ky., admitted she stole more than $100,000 from the credit union over a two-year period.
Pyfrom, 60, was ultimately charged with two counts of theft on July 10.
As of Thursday, C-Plant, originally chartered in 1951, had purchased the majority of the credit union's loan portfolio. IBEW's former members are now members of C-Plant.
C-Plant serves individuals living, working, worshipping or attending school in Graves, Ballard, Livingston or McCracken counties in Kentucky.
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.
