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HeritageWest Federal Credit Union Closes

HeritageWest Federal Credit Union Members Now Served by Chartway Federal Credit Union; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (December 31, 2009)The National Credit Union Administration (NCUA) today liquidated HeritageWest Federal Credit Union of Tooele, Utah, and accepted Chartway Federal Credit Union’s offer to purchase and assume the credit union.
 
Chartway Federal Credit Union purchased and assumed HeritageWest Federal Credit Union’s assets, loans and shares, enabling HeritageWest members to continue to receive uninterrupted credit union service. HeritageWest Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by Chartway Federal Credit Union. At closure, HeritageWest Federal Credit Union had $311 million in assets and served 40,000 members.

Chartway 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 $1.2 billion, Chartway FCU serves approximately 154,000 members located throughout the country. Chartway has 52 branch locations in Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, Texas, and Virginia and also serves its members through nearly 4,000 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 15th 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"