Kern Central Credit Union Closes | National Credit Union Administration

January 2010

Kern Central Credit Union Closes

Members Now Served By Self-Help Federal Credit Union

ALEXANDRIA, Va. (January 8, 2010) – The National Credit Union Administration (NCUA) was today appointed liquidating agent of Kern Central Credit Union (Kern Central) of Bakersfield, California, by the California Department of Financial Institutions (DFI).

NCUA immediately signed an agreement with Self-Help Federal Credit Union (Self-Help) of Durham, North Carolina, to assume the assets and liabilities of Kern Central Credit Union. Kern Central members will experience no interruption of credit union service. Their accounts are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to at least $250,000.

Self-Help has $75.2 million in assets and serves approximately 15,000 members. It is a full service credit union located in Durham, North Carolina. Self-Help will continue to operate Kern Central’s 3 branch locations. In addition, the new members will have access to a broad array of financial services offered across the United States through Self-Help’s six branch offices in California and a shared branching network with over 5,500 sites nationwide.

At liquidation, Kern Central had approximately $34.9 million in assets and served approximately 8,400 members. Kern Central was established in 1974 to serve employer groups within a 25-mile radius. The credit union subsequently expanded its field of membership to serve individuals working and living in Kern County, California. This is the first federally insured credit union liquidation in 2010.

The 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 (opens new window), the NCUA also educates the public on consumer protection and financial literacy issues.

"Protecting credit unions and the consumers who own them through effective regulation."