Navigate Up
Sign In

Lawrence County School Employees Federal Credit Union Closes

Members Now Served by First Choice Federal Credit Union; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (March 5, 2010) – The National Credit Union Administration (NCUA) today liquidated Lawrence County School Employees Federal Credit Union (Lawrence FCU) of New Castle, Pennsylvania, and accepted New Castle, Pennsylvania, based First Choice Federal Credit Union’s offer to purchase and assume the credit union.
 
First Choice Federal Credit Union purchased and assumed a portion of Lawrence FCU’s assets, loans and shares, enabling Lawrence FCU’s members to receive uninterrupted credit union service. NCUA retained the remaining assets, loans, and shares. Lawrence FCU’s declining financial condition led to its closure and subsequent purchase and assumption. At closure, Lawrence FCU had $2.6 million in assets and served 1,085 members.

First Choice Federal Credit Union is a full service credit union and its members have access to a broad array of financial services. With assets of $22.3 million, its two branch locations serve approximately 4,415 members who either live, work, worship, or attend school in Lawrence County, Pennsylvania or work for one of the companies in its field of membership.

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 4th 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"