PEF Federal Credit Union Closes

Member Deposits Protected up to $250,000 by the Share Insurance Fund

ALEXANDRIA, Va. (July 1, 2013) – The National Credit Union Administration (NCUA) today liquidated PEF Federal Credit Union of Highland Heights, Ohio.

Best Reward Credit Union of Brook Park, Ohio immediately assumed certain PEF Federal Credit Union members, shares, assets and liabilities. Best Reward Credit Union is a federally insured, state-chartered credit union with more than 12,700 members and assets of $100 million.

The new Best Reward members will experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.

NCUA’s Asset Management and Assistance Center will contact members whose accounts are not transferred. Members with additional questions about their accounts or insurance coverage may contact the Center at 877-715-0777 between 9 a.m. and 6 p.m., Eastern. 

NCUA placed PEF into conservatorship on June 21, 2013 to protect the credit union’s financial stability and operations.  

NCUA made the subsequent decision to liquidate PEF and discontinue its operations after determining the credit union had no prospect for restoring viable operations. PEF served 2,974 members and had assets of approximately $31.3 million, according to the credit union’s most recent Call Report.

Chartered in 1957, PEF Federal Credit Union served a community field of membership that consisted of residents located in Cuyahoga County, Ohio.

PEF Federal Credit Union is the tenth federally insured credit union liquidation in 2013.