Member Deposits Protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, Va. (Sept. 30, 2014) – The National Credit Union Administration today liquidated Republic Hose Employees Federal Credit Union of Youngstown, Ohio.
Member deposits are federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund 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.
NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union. Members with additional questions about their insurance coverage may contact the Center toll-free at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m., Eastern. Individuals may also visit the MyCreditUnion.gov (opens new window) website at any time for more information about insurance coverage.
NCUA made the decision to liquidate Republic Hose Employees Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Republic Hose Employees Federal Credit Union served 455 members and had assets of $581,487, according to the credit union’s most recent Call Report. Chartered in 1940, Republic Hose Employees Federal Credit Union served the employees of Republic Hose Manufacturing Corporation and Youngstown Steel Door Company and their immediate family members.
Republic Hose Employees Federal Credit Union is the eighth federally insured credit union liquidation in 2014.