Member Deposits Protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, Va. (Nov. 22, 2013) – The Ohio Division of Financial Institutions has liquidated the Polish Combatants Credit Union of Bedford, Ohio, and appointed the National Credit Union Administration 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 in the near future. Members with additional questions about their insurance coverage may contact the center toll free at 800-755-0777 Monday through Friday 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 Polish Combatants Credit Union and discontinue its operations after determining the credit union had no prospect for restoring viable operations.
Polish Combatants Credit Union served 52 members and had assets of $120,450, according to the credit union’s most recent Call Report. Chartered in 1957, Polish Combatants served Polish veterans of World War II.
Polish Combatants Credit Union is the thirteenth 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 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.