Communities United Credit Union is
Placed into Conservatorship
Communities United Credit Union Continues to Operate and Member Accounts are Safe and Federally Insured
February 16, 2007, Alexandria, Va. - The National Credit Union Administration (NCUA) has assumed control of the operations of Communities United Credit Union, a state-chartered, federally insured credit union serving residents within several zip code areas in Wichita, Kansas.
The Kansas Department of Credit Unions appointed NCUA as agent for the conservator yesterday after placing the credit union into conservatorship. NCUA will operate the credit union with the goal to continue credit union service to the members and ensure a safe, sound credit union operation.
Service continues uninterrupted at Communities United Credit Union and members are free to make deposits, access funds, and make loan payments. The decision to conserve a credit union enables the institution to continue normal operations with expert management in place.
Member funds are safe. Accounts are federally insured up to at least $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.
Communities United Credit Union serves approximately 1,900 members, and had $2.3 million in assets at the time of conservatorship.
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 over 85 million account holders in all federal credit unions and the vast majority of state-chartered credit unions.
|
