Member Deposits Protected up to $250,000; Member Service Continues Uninterrupted
ALEXANDRIA, Va. (Jan. 27, 2012) – The National Credit Union Administration (NCUA) liquidated Eastern New York Federal Credit Union of Napanoch, N.Y today. USAlliance Federal Credit Union of Rye, N.Y. immediately assumed Eastern New York Federal Credit Union’s members, assets, loans and debts.
NCUA made the decision to liquidate Eastern New York Federal Credit Union and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by USAlliance Federal Credit Union, the credit union served approximately 6,800 members and had deposits of approximately $49 million.
Chartered in 1961, Eastern New York Federal Credit Union served state and government industry employees located in nine counties of New York State.
Eastern New York Federal Credit Union is the first federally insured credit union liquidated in 2012.