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

Sharebuilders Federal Credit Union Closes

Member funds are federally insured and checks have been issued

May 9, 2007, Alexandria, Va. -- The National Credit Union Administration (NCUA) liquidated Sharebuilders Federal Credit Union, of Northridge, Calif., April 25, 2007.

NCUA’s Asset Management and Assistance Center issued checks to individuals holding verified share accounts in Sharebuilders Federal Credit Union immediately following liquidation. Through the NCUA National Credit Union Share Insurance Fund, credit union members’ funds are insured up to at least $100,000 per account.

NCUA made the decision to liquidate the credit union and discontinue its independent operation after determining that the credit union was insolvent. Sharebuilders Federal Credit Union was chartered in 1959 to serve employees and sales staff of the 3M Pharmaceutical plants located in Northridge, California, and St. Paul, Minnesota. At the time of liquidation, the credit union had approximately 424 members and approximately $681,000 in assets. 

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 85 million account holders in all federal credit unions and many state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.