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
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.