The NCUA announced Friday that Teachers Credit Union has completed a purchase assumption of the now-closed Lakeside Federal Credit Union.
According to an NCUA news release, the $2.6 billion, South Bend, Ind.-based Teachers CU purchased the loan portfolio of Lakeside FCU and assumed its former members.
The South Bend, Ind.-based Lakeside was liquated and all operations were suspended Thursday after the NCUA determined it to be insolvent. It was the fifth federal credit union to be liquated this year.
Originally chartered in 1931, Teachers CU is a federally insured, state chartered credit union with 269,362 members. Teachers CU serves members residing in Indiana and Michigan's Cass and Berrien counties.
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