Member Deposits Insured up to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (Jan. 24, 2014) – The Administrator of the Kansas Department of Credit Unions today placed Parsons Pittsburg Credit Union into conservatorship and named the National Credit Union Administration as agent to handle the credit union’s day-to-day operations.
Parsons Pittsburg is a Kansas-chartered, federally insured credit union headquartered in Parsons, Kan.
Deposits at Parsons Pittsburg remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at Parsons Pittsburg Credit Union up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the U.S. Government.
The Kansas Department of Credit Unions placed Parsons Pittsburg into conservatorship because of the recent discovery of unsafe and unsound practices. While continuing normal member services, the Department and NCUA will work to resolve issues affecting the credit union’s safety and soundness. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.
Parsons Pittsburg Credit Union has 1,470 members and assets of $13.5 million, according to the credit union’s Sept. 30, 2013, Call Report.
Parsons Pittsburg Credit Union is a community-chartered credit union serving persons residing or employed within a 45-mile radius of Labette, Bourbon, Cherokee or Crawford counties in Kansas. The credit union also operates a branch in Pittsburg, Kan.
Members who have questions about the conservatorship may review the Parsons Pittsburg Credit Union Frequently Asked Questions document attached to this release and available online here.
The Kansas Department of Credit Unions is the state agency responsible for the regulation of Kansas-chartered credit unions. Questions concerning this media release can be referred to 785-296-3021 or by email addressed to firstname.lastname@example.org.
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.