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The NCUA has liquidated the CBS Employees Federal Credit Union in Studio City, Calif. and the University Credit Union in Los Angeles immediately assumed assets, loans and all member shares of the liquidated institution.
The NCUA announced the decision late Friday, after determining that CBS was insolvent and had no chance of restoring operations on its own.
University CU is a federally insured, state-chartered credit union that serves 37,000 members and had assets of almost $655 million, according to its most recent call report.
At the time of the liquidation, CBS Employees FCU served 2,798 members and had assets of a little more than $21 million, according to its most recent call report.
Chartered in 1961, CBS Employees FCU provided financial services to employees of CBS Inc. Mary Tyler Moore Productions and CBS/MTM who work in Studio City.
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