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Members' Own Federal Credit Union Closes

The Members’ Own Federal Credit Union Members Now Served by Alaska USA Federal Credit Union; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (September 30, 2009)The National Credit Union Administration (NCUA) today liquidated The Members’ Own Federal Credit Union of Victorville, California, and accepted Alaska USA Federal Credit Union’s offer to purchase and assume the credit union.

Alaska USA Federal Credit Union purchased and assumed The Members’ Own Federal Credit Union’s assets, loans and shares, enabling The Members’ Own members to continue to receive uninterrupted credit union service. The Members’ Own Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by Alaska USA Federal Credit Union. The Members’ Own Federal Credit Union had $85 million in assets and served 11,000 members.

Alaska USA 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 the United States. With assets of $4.1 billion, Alaska USA FCU serves approximately 375,000 members located throughout the country. Alaska USA has 56 branch locations in Alaska, California, and Washington and also serves its members through over 5,600 shared service locations nationwide. 
 
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 10th 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 United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 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"