Lock Haven Area FCU Closes
Horizon Federal Credit Union to serve
Lock Haven Credit Union Members
Alexandria, VA, August 8, 2005 – The National Credit Union Administration (NCUA) Board today liquidated Lock Haven Area Federal Credit Union, Lock Haven, Penn., and transferred its 3,300 members’ accounts to Horizon Federal Credit Union, Williamsport, Penn.
Lock Haven Area Federal Credit Union (FCU) had $11 million in assets when it was closed August 8 because the credit union was insolvent.
Working to provide continued credit union service to the members, NCUA reached agreement with Horizon Federal Credit Union to assume most of Lock Haven Federal Credit Union’s share and loan accounts. Lock Haven FCU will reopen as a branch of Horizon Federal Credit Union within the next few days, and Lock Haven members will have access to the credit union at that time. Member accounts are fully insured up to $100,000 under coverage provided by the National Credit Union Share Insurance Fund, a federal fund back by the full faith and credit of the U.S. government.
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 83 million account holders in all federal credit unions and the majority of state-charted credit unions.
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