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Watts United Credit Union Closes

ALEXANDRIA, Va. (July 6, 2009) - The National Credit Union Administration (NCUA) accepted appointment as the liquidating agent of Watts United Credit Union of Los Angeles, California, following the decision of the California Department of Financial Institutions to place the credit union into liquidation on Monday, July 6, 2009.
The NCUA Asset Management and Assistance Center will issue checks to individuals once they have verified the balances in share accounts in the Watts United Credit Union. Through the NCUA National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.
The California Department of Financial Institutions made the decision to liquidate Watts United Credit Union and discontinue its operation after determining that the credit union is insolvent and has no prospects for restoring viable operations. At the time of liquidation, the credit union served 1,067 members and had deposits of approximately $800,000. This is the second federally insured credit union to close in 2009.
Watts United Credit Union was chartered by the California Department of Financial Institutions to serve residents of the Los Angeles community of Watts.

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 100 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.


National Credit Union Administration

Office of Public & Congressional Affairs



John Fairbanks
Office: 703.518.6336
Mobile: 571.438.0801

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223

Kenzie Snowden
Office: 703.518.6334

"Protecting credit unions and the consumers who own them through effective regulation"