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External Affairs
email: pacamail@ncua.gov
Fax: (703) 518-6409

Homesteaders FCU Closes

Lower East Side People’s Federal Credit Union to Serve
Homesteaders Federal Credit Union Members

Alexandria, VA, August 22, 2005 – The National Credit Union Administration (NCUA) on August 18 liquidated Homesteaders Federal Credit Union of New York, New York, and transferred its member accounts to the Lower East Side People’s Federal Credit Union of New York City.

Homesteaders Federal Credit Union (FCU) had $4.2 million in assets when it was closed August 18 because the credit union was insolvent.

Transferring the majority of the members’ accounts to Lower East Side People’s Federal Credit Union will allow the members to continue to receive financial services through a federally insured credit union that is at a convenient location in Manhattan. The members transferred to Lower East Side People’s Federal Credit Union now have full access to their credit union accounts.

Lower East Side People’s Federal Credit Union, with assets of $15.9 million, serves approximately 4,600 members in Metropolitan New York. The office is located at 37 Avenue B in New York, New York, phone number (212) 529-8197.

Federal credit union member accounts are federally insured up to $100,000 by the National Credit Union Share Insurance Fund, a federal fund backed by the full faith and credit of the U.S. government. If consumers have any questions or concerns about share insurance coverage, they should contact NCUA directly at (512) 231-7900.

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.