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 United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
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.