Member Deposits Protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, Va. (July 17, 2015) – Teachers Credit Union of South Bend, Indiana, has completed the purchase and assumption of Lakeside Federal Credit Union of Hammond, Indiana, the National Credit Union Administration announced today.
Teachers Credit Union purchased Lakeside’s loan portfolio and assumed its former members. NCUA liquidated Lakeside on July 16 after determining the credit union was insolvent and had no prospect for restoring viable operations.
The new members of Teachers Credit Union with questions about their accounts can contact (219) 845-7117 Monday through Friday between 9 a.m. and 5 p.m., Central.
Member deposits are federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Individuals may also visit the MyCreditUnion.gov website at any time for more information about insurance coverage.
Originally chartered in 1931, Teachers Credit Union is a federally insured, state-chartered credit union with 269,362 members and assets of $2.6 billion, according to the credit union’s most recent Call Report. Teachers serves people who live in Indiana and in Michigan’s Cass and Berrien counties.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.