Member Deposits Remain Protected to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (Feb. 10, 2017) – The New York State Department of Financial Services today took possession of Melrose Credit Union, located in Briarwood, New York, and appointed the National Credit Union Administration as conservator.
Deposits at Melrose Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts at Melrose Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also 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.
The New York State Department of Financial Services placed Melrose Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.
Melrose Credit Union is a federally insured, state-chartered credit union with 23,462 members and assets of $1.78 billion, according to the credit union’s most recent Call Report. Melrose Credit Union serves eligible members subject to the provisions of its bylaws, which could include any person upon approval for membership and upon subscribing for a minimum of $25 of shares and paying for the same in whole, together with an entrance fee not to exceed $1.
Members who have questions about the conservatorship may review the Melrose Credit Union frequently asked questions document attached to this release and available online here (opens new window).