Palisades Federal Credit Union of Pearl River, N.Y., grew again last week by again taking most of the assets of a small New York credit union in liquidation.
NCUA liquidated and closed the Radio, Television and Communication Federal Credit Union of Staten Island ($3.1 million in assets, 416 members as of June 30) on Friday "after determining the credit union was insolvent with no prospect for restoring viable operations on its own," a NCUA news release said. It was the seventh federally insured credit union liquidation this year.
Radio, Television and Communication lost $205,675 in 2016 and $262,994 in 2017 and $75,355 in the first half of 2018.
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Palisades ($191.8 million in assets, 14,351 members as of June 30) immediately assumed most of the assets and all members, shares, and loans of Radio, Television and Communication, located about 40 miles south of Pearl River.
Palisades acquired another small credit union in liquidation a year ago: New York State Employees Federal Credit Union ($1.9 million in assets, 1,183 members as of Sept. 30, 2017) after net losses of $126,548 in 2016 and $133,829 in the first nine months of 2017.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
