Alexandria, Va. (November 30, 2009) – The National Credit Union Administration (NCUA) today placed Fairfield County Ohio Federal Employees Federal Credit Union of Lancaster, Ohio, into liquidation.
The NCUA Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in Fairfield County Ohio Federal Employees Federal Credit Union within one week.
Member accounts are insured to at least $250,000 coverage provided by the National Credit Union Share Insurance Fund, a federal fund backed by the full faith and credit of the U.S. Government. Members with questions about their insurance coverage can contact NCUA’s Share Insurance Call center at 1-800-755-1030, Press 1, Monday through Friday during normal business hours.
NCUA made the decision to liquidate Fairfield County Ohio Federal Employees Federal Credit Union and discontinue its independent operations after determining that the credit union is insolvent. It has no prospects for restoring viable operations. At the time of liquidation, the credit union served 747 members and had assets of approximately $1,468,685. This is the 14th federally insured credit union liquidation of 2009.
NCUA chartered Fairfield County Ohio Federal Employees Federal Credit Union in 1957 to serve the employees of the United States Government who work in Fairfield County, Ohio.
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.