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Industries Puerto Rico Federal Credit Union Closes; Members Now Served by Borinquen Community Federal Credit Union

Service to Members Continues Uninterrupted; Deposits Federally Insured to at least $250,000 

ALEXANDRIA, Va. (September 13, 2010) – The National Credit Union Administration (NCUA) today liquidated Industries Puerto Rico Federal Credit Union of Manati, Puerto Rico, and accepted Borinquen Community Federal Credit Union’s offer to purchase and assume the credit union. 

Borinquen Community Federal Credit Union purchased and assumed Industries Puerto Rico Federal Credit Union’s assets, loans and shares, enabling Industries Puerto Rico members to continue to receive uninterrupted credit union service. Industries Puerto Rico Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by Borinquen Community Federal Credit Union. At closure, Industries Puerto Rico Federal Credit Union had $3,655,725 in assets and served 1,956 members. 

Borinquen Community Federal Credit Union is a full service credit union and its new members will have access to a broad array of financial services. Borinquen Community Federal Credit Union serves persons who live, work, worship, or attend school in and businesses and other legal entities located in Aguadilla Municipio (County), Puerto Rico. With assets of $16,375,442, Borinquen Community Federal Credit Union serves approximately 3,453 members located in Aguadilla Municipio, Puerto Rico. Borinquen Community Federal Credit Union maintains a main office in Aguadilla, Puerto Rico. 

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 15th 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 97 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"