Former I.C.E. Members Will Have Access to Accounts Beginning March 20
ALEXANDRIA, Va. (March 20, 2013) – Former members of I.C.E. Federal Credit Union will again have access to a credit union under a purchase and assumption agreement with Kinecta Federal Credit Union (Kinecta) of Manhattan Beach, Calif., the National Credit Union Administration (NCUA) announced today.
The new members of Kinecta should experience no further interruption in services. The National Credit Union Share Insurance Fund will insure members’ accounts at Kinecta up to $250,000. Administered by NCUA, the Share Insurance Fund has the backing of the full faith and credit of the U.S. Government.
Through the agreement with NCUA, Kinecta purchased and assumed former I.C.E. Federal Credit Union’s assets, shares and membership. The former members of I.C.E. Federal Credit Union will soon receive information by mail from Kinecta and NCUA’s Asset Management and Assistance Center.
Chartered in 1940, Kinecta has more than 242,000 members and assets of approximately $3.2 billion, according to its most recent Call Report. Kinecta serves individuals who live, work, worship or attend school in the central Los Angeles area, as well as select employer groups and members of the Consumers Cooperative Society of Santa Monica.
NCUA liquidated I.C.E. Federal Credit Union March 15 and discontinued its operations after determining the former credit union was insolvent and had no prospect for restoring viable operations.
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.