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Credit Union Group is Placed into Conservatorship by the Kansas Department of Credit Unions

Credit Union Group Continues to Operate and Member Accounts
are Safe and Federally Insured  

March 15, 2006, Alexandria, Va. - The National Credit Union Administration (NCUA) today announced the state-chartered credit union Credit Union Group of Lawrence, Kansas, has been placed into conservatorship by the Kansas Department of Credit Unions. The Kansas Department of Credit Unions appointed NCUA as agent for the conservator. The NCUA concurs with the state’s decision and will serve as agent for the conservator until the situation is resolved. 

Credit Union Group remains operational and member service continues uninterrupted. Member funds are federally insured up to $100,000 per account by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund managed by NCUA and backed by the full faith and credit of the U.S. Government.

Credit Union Group serves approximately 5,200 members, and as of December 31, 2005, had assets of $20,594,250. Credit Union Group serves people living or working in the following Kansas counties: Wyandotte, Leavenworth, Johnson, Douglas, and Miami. Additionally, Credit Union Group serves the employees and families of the following companies: Colgate-Palmolive Companies and Puritan-Bennett Aerospace Companies. 

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The National Credit Union Administration (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 deposits of nearly 85 million account holders in all federal credit unions and the vast majority of state-chartered credit unions.