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Randolph County Federal Credit Union Closes

Member funds are insured and will be released within five days

March 25, 2005, Alex., Va. -- The National Credit Union Administration (NCUA) has liquidated Randolph County Federal Credit Union of Elkins, W.Va.

NCUA’s Asset Management and Assistance Center will issue checks representing share deposits to the approximate 470 Randolph County FCU members within one week.
Through NCUA’s National Credit Union Share Insurance Fund, credit union members’ deposits are insured up to $100,000 per account.

NCUA made the decision to liquidate Randolph County FCU and discontinue its operations after determining the credit union is insolvent and has no prospects of restoring viable operations. At the time of liquidation, the credit union had approximately $896,000 in assets.

The credit union was chartered in 1953 to serve the community of Elkins, West Va.

NCUA is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of over 83 million account holders in all federal credit unions and many state-chartered credit unions.