The NCUA liquidated Education Associations Federal Credit Union of Washington March 4.
The agency said it decided to liquidate Education Associations and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
The liquidated credit union served 665 members and had assets of $2,596,701, according to its latest NCUA Call Report. Chartered in 1954, Education Associations served the employees of the National Education Association, other national education organizations and their immediate family members.
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Member deposits are federally insured by the National Credit Union Share Insurance Fund. The Share Insurance Fund insures individual accounts up to $250,000, and a member's interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000.
The NCUA's Asset Management and Assistance Center will issue correspondence in the near future to members holding verified share accounts at the credit union, the agency said. Members with additional questions about their insurance coverage may contact the center at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m. Eastern Time.
Education Associations is the third federally insured credit union to be liquidated by the NCUA in 2016.
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