C B S Employees Federal Credit Union Closes; University Assumes Shares, Loans

March 2019
C B S Employees Federal Credit Union Closes; University Assumes Shares, Loans

Member Services Continue; Deposits Remain Protected by Share Insurance Fund

ALEXANDRIA, Va. (March 29, 2019) – Members of C B S Employees Federal Credit Union are now members of University Credit Union following today’s liquidation by the National Credit Union Administration.

The new University Credit Union members should experience no interruption in services. Members’ accounts remain insured by the National Credit Union Share Insurance Fund. Administered by the 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.

The NCUA liquidated C B S Employees, located in Studio City, California, and discontinued its operations after determining the credit union was insolvent with no prospect of restoring viable operations on its own. University Credit Union, located in Los Angeles, immediately assumed C B S Employees’ assets, loans, and all member shares.

University Credit Union is a federally insured, state-chartered credit union that, prior to its assumption of C B S Employees, served 37,057 members and had assets of $654,577,105, according to the credit union’s most recent Call Report. Members with questions can call University Credit Union at 800-828-4510 between 7 a.m. and 5 p.m. Pacific Monday through Friday and between 9 a.m. and 3 p.m. on Saturday. Members with questions about Share Insurance coverage can find information on the Share Insurance section of NCUA’s consumer website, MyCreditUnion.com.

At the time of liquidation and subsequent purchase and assumption by University Credit Union, C B S Employees served 2,798 members and had assets of $21,037,558, according to the credit union’s most recent Call Report. Chartered in 1961, C B S Employees Federal Credit Union provided financial services to employees of CBS, Inc., Mary Tyler Moore Productions, and CBS/MTM who work in Studio City, California.

Last modified on
03/29/19