Member Accounts are Safe and Federally Insured
Alexandria, Va. (May 1, 2010) – The National Credit Union Administration (NCUA) last night liquidated St. Paul's Croatian Federal Credit Union of Eastlake, Ohio. The credit union had been placed into conservatorship by NCUA on April 23, 2010.
The NCUA Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in St. Paul's Croatian Federal Credit Union. A letter with more information has been sent to all members of the credit union.
Member accounts are insured up to $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 St. Paul's Croatian 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 5400 members and had assets of approximately $238.8 million.
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.