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Mutual Diversified Employees Federal Credit Union Closes

Schools First Federal Credit Union; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (February 26, 2010) – The National Credit Union Administration (NCUA) today liquidated Mutual Diversified Employees FCU of Santa Ana, California, and accepted SchoolsFirst Federal Credit Union’s offer to purchase and assume the credit union.

SchoolsFirst Federal Credit Union purchased and assumed Mutual Diversified Employees Federal Credit Union’s assets, loans and shares, enabling its members to continue to receive uninterrupted credit union service. Mutual Diversified’s declining financial condition led to its closure and subsequent purchase and assumption. At closure, Mutual Diversified Employees Federal Credit Union had $6.1 million in assets and served 748 members.

SchoolsFirst Federal Credit Union of Santa Ana, California, is a full service credit union and its members have access to a broad array of financial services. With assets of $8 billion, SchoolsFirst Federal Credit Union serves approximately 433,521 members through 27 branch locations and 6 express centers in Southern California.

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 3rd federally insured credit union liquidation in 2010.


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"