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Phil-Pet Federal Credit Union Closes

Member Accounts are Safe and Federally Insured 

ALEXANDRIA, Va. (October 21, 2010) -- The National Credit Union Administration (NCUA) placed Phil-Pet Federal Credit Union, located in Pampa, Texas, into liquidation on October 18, 2010.
 
NCUA made the decision to close Phil-Pet Federal Credit Union and discontinue its operation after determining the credit union is insolvent. At the time of the liquidation, the $3.7 million credit union, chartered in 1940, served 765 members. Phil-Pet Federal Credit Union is the 16th federally insured credit union liquidation in 2010.
 
NCUA‘s Asset Management Assistance Center will transfer share accounts to Pantex Federal Credit Union of Borger, Texas. Pantex Federal Credit Union is a full service credit union that also has branches in Fritch and Pampa, Texas. It has $216.8 million in assets and serves approximately 15,939 members in the Texas Panhandle.
 
Member accounts are insured up to at least $250,000, with coverage provided by the National Credit Union Share Insurance Fund, a federal fund backed with 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, and press 1, Monday through Friday during normal business hours.


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"