Comunidades FCU Closes Majority of Members Now Served by Water and Power Community CU; Member Accounts are Safe and Federally Insured
ALEXANDRIA, Va. (September 22, 2009) – The National Credit Union Administration (NCUA) today closed Comunidades Federal Credit Union of Los Angeles, California, and authorized the assumption of a majority of accounts by Water and Power Community Credit Union of Los Angeles, California.
The Water and Power Community Credit Union share assumption provides a majority of Comunidades FCU members with uninterrupted credit union service. Comunidades Federal Credit Union’s declining financial condition led to its closure. It had $658,122 in assets and served 1,141 members in Los Angeles, California. This is the 6th federally insured credit union liquidation in 2009.
Water and Power Community Credit Union is a full service institution. It has $482.9 million in assets and serves approximately 52,340 members in and around the state of California. Its headquarters is located at 1053 W. Sunset Blvd., Los Angeles, California, and it has 6 branch locations and offers online transaction service as well.
Member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government.
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
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.