The $40.3 million County & Municipal Employees Credit Union in Edinburg, Texas, was liquidated by the Texas Credit Union Department Oct. 10.
"The Texas Credit Union Department made the decision to liquidate County & Municipal Employees Credit Union and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own," according to the NCUA, which was named the liquidating agent.
The $2.1 billion Navy Army Community Credit Union of Corpus Christi, Texas, assumed the credit union's assets, shares, 7,173 members and selected loans, the NCUA said. Navy Army currently has 131,990 members, according to its most recent call report.
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.
