The NCUA liquidated SWC Credit Union of Tampa, Fla. Thursday, the agency announced.
The Florida Office of Financial Regulation had placed SWC Credit Union into conservatorship and named the NCUA as the agent for the conservator. The NCUA made the decision to liquidate SWC Credit Union and discontinue its operations after determining the credit union was unable to restore viable operations, the agency said.
The NCUA said its Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts with the credit union. Members with questions about their insurance coverage may also contact the center at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m. ET, the NCUA said. They may also visit MyCreditUnion.gov for more information.
SWC Credit Union had 309 members and assets of $1.9 million, according to the credit union's most recent Call Report. Chartered in 1941, the credit union served employees and various concessionaires of Sears, Roebuck & Company and their families in Florida's Hillsborough, Pinellas, Pasco, Manatee, Sarasota and Polk counties.
This is the NCUA's sixth federally insured credit union liquidation of 2015.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
