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The NCUA liquidated IBEW Local Union 712 Federal Credit Union of Beaver, Penn., Friday – the agency's first credit union liquidation announcement of 2020.
West Penn P&P Federal Credit Union, also of Beaver, immediately assumed IBEW Local Union 712's assets, member shares and loans, the NCUA said. West Penn P&P has 2,150 members and assets of nearly $14.8 million, according to the credit union's most recent Call Report.
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The NCUA said at the time of its liquidation and subsequent purchase by West Penn P&P Federal Credit Union, IBEW Local Union 712 served 2,935 members and had assets of approximately $7.7 million, according to the credit union's most recent Call Report. Chartered in 1964, the now-shuttered credit union served members of IBEW Local Union 712, which is an electrical organization located in Beaver with 450 electrician members that serve over 40 contractors in Pennsylvania's Beaver, Crawford, Lawrence and Mercer counties, according to its LinkedIn page.
The agency noted the new West Penn P&P members will experience no interruption in services, and accounts remain insured by the National Credit Union Share Insurance Fund. Members with questions about their accounts may contact West Penn P&P at 724-774-9237 between 8:30 a.m. and 5 p.m., Monday through Friday.
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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.
