Service to Members Continues Uninterrupted; Deposits Federally Insured to $250,000
ALEXANDRIA, Va. (August 2, 2010) -- The National Credit Union Administration (NCUA) liquidated Certified Federal Credit Union (Certified) of Commerce, California, July 31, 2010.
NCUA immediately signed an agreement with Vons Employees Federal Credit Union (Vons) of El Monte, California, to assume the assets and liabilities of Certified. Certified’s members will experience no interruption of credit union service. Their accounts are federally insured by the
National Credit Union Share Insurance Fund (NCUSIF) up to at least $250,000.
Vons Employees Federal Credit Union serves all Vons supermarket employees along with residents in the areas of El Monte, South El Monte, Monrovia, Irwindale, and parts of Temple City and Arcadia, California. Vons has $332 million in assets and serves approximately 40,500 members.
Vons is a full service credit union with four branches in California. In addition, the new members will have access to a broad array of financial services offered across the United States through a shared branching network with over 5,500 sites nationwide.
Certified’s declining financial condition led to its closure and subsequent purchase and assumption. At closure, Certified had $37.6 million in assets and served over 8,580 members. Certified is the 12th 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 U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 96 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..