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

Yankton Employees Federal Credit Union Closes

Member funds are federally insured and checks will be issued within five business days

April 25, 2006, Alexandria, Va. – The National Credit Union Administration (NCUA) has liquidated Yankton Employees Federal Credit Union of Yankton, South Dakota.

NCUA will issue checks on or before April 28, 2006, representing the share deposits of the approximately 77 members’ of Yankton Employees FCU. Member accounts are insured up to $100,000 under coverage provided by the National Credit Union Share Insurance Fund, a federal fund backed by the full faith and credit of the U.S. government.

Chartered in 1969, Yankton Federal Credit Union assets totaled $102,913 when it was closed April 24, 2006, because the credit union was insolvent.

Members can direct questions concerning their accounts to the NCUA Asset Management and Assistance Center at 512-231-7900, fax 512-231-7920, 4807 Spicewood Springs Road, Suite 5100, Austin, Texas 79759-8490  

The National Credit Union Administration 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 nearly 85 million account holders in all federal credit unions and the vast majority of state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.