St. Paul's Croatian Federal Credit Union Closes

May 2010

Member Accounts are Safe and Federally Insured

Alexandria, Va. (May 1, 2010) – The National Credit Union Administration (NCUA) last night liquidated St. Paul's Croatian Federal Credit Union of Eastlake, Ohio. The credit union had been placed into conservatorship by NCUA on April 23, 2010.

The NCUA Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in St. Paul's Croatian Federal Credit Union. A letter with more information has been sent to all members of the credit union.

Member accounts are insured up to $250,000 coverage provided by the National Credit Union Share Insurance Fund, a federal fund backed by the full faith and credit of the U.S. Government. Members with questions about their insurance coverage can contact NCUA’s Share Insurance Call center at 1-800-755-1030, Press 1, Monday through Friday during normal business hours.

NCUA made the decision to liquidate St. Paul's Croatian Federal Credit Union and discontinue its independent operations after determining that the credit union is insolvent. It has no prospects for restoring viable operations. At the time of liquidation, the credit union served 5400 members and had assets of approximately $238.8 million.

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, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.