Member Deposits Protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, Va. (July 15, 2013) – The Ohio Division of Financial Institutions has liquidated the Taupa Lithuanian Credit Union of Cleveland, Ohio, and appointed the National Credit Union Administration (NCUA) as liquidating agent.
Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.
NCUA’s Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week. Members with additional questions about their insurance coverage may contact the center toll free at 877-715-0777 between 9 a.m. and 6 p.m., Eastern. Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
The Division of Financial Institutions made the decision to liquidate Taupa Lithuanian Credit Union and discontinue its operations after determining the credit union had no prospect for restoring viable operations.
Taupa Lithuanian Credit Union served 1,154 members and had assets of more than $23.6 million, according to the credit union’s most recent Call Report. Chartered in 1984, Taupa Lithuanian served the Lithuanian community of Cleveland and Northeast Ohio.
Taupa Lithuanian Credit Union is the eleventh 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.