Member Deposits Protected up to $250,000; Consumer Service Hotline Open
ALEXANDRIA, Va. (May 23, 2013) – The National Credit Union Administration (NCUA) today liquidated Electrical Workers #527 Federal Credit Union of Texas City, Texas.
NCUA made the decision to liquidate Electrical Workers #527 Federal Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week.
Members with additional questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll-free at 800-755-1030. The center answers calls Monday through Friday between 7 a.m. and 4 p.m. Central. Individuals may also visit the MyCreditUnion.gov
website at any time for more information about their insurance coverage.
Electrical Workers #527 Federal Credit Union served 527 members and had assets of $622,857, according to the credit union’s most recent Call Report. Chartered in 1963, Electrical Workers #527 Federal Credit Union served a number of select groups centered primarily on electrical workers in the Texas City area.
Electrical Workers #527 Federal Credit Union is the seventh federally insured credit union liquidation in 2013.
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 more than
98 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.