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Clearstar Financial Credit Union Closes

Clearstar Financial Credit Union Members Now Served by United Federal Credit Union; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (September 25, 2009)The National Credit Union Administration (NCUA) today accepted appointment as liquidating agent of Clearstar Financial Credit Union, in Reno Nevada, following the Nevada Division of Financial Institution’s decision to close the credit union effective September 25, 2009.

United Federal Credit Union purchased and assumed Clearstar Financial Credit Union’s assets, loans and shares, enabling Clearstar’s members to continue to receive uninterrupted credit union service. Clearstar Financial Credit Union’s declining financial condition led to the closure and subsequent purchase and assumption by United Federal Credit Union. Clearstar Financial Credit Union had $144 million in assets and served 16,000 members.

United Federal Credit Union is a full service credit union and its new members will have access to a broad array of financial services offered throughout a wide service area. With assets of $941 million, United FCU serves approximately 78,000 members from employee and associational groups in various states throughout the country. The headquarters office is located at 2807 South State Street in St Joseph, Michigan. United Federal Credit Union has fifteen branch offices serving members throughout its service area. The credit union also offers online transaction service. 
 
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. This is the 7th federally insured credit union liquidation in 2009.


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 U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

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