Oct. 2, 2012 – NCUA on Friday liquidated the tiny El Paso’s FCU, which had about $5 million in deposits and 1,035 members at the time of its closing.
“NCUA made the decision to liquidate EPFCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations,” the agency said in an announcement late Friday.
NCUA’s Asset Management and Assistance Center will transfer certain share accounts to El Paso Area Teachers FCU. For non-transferred accounts, the AMAC will issue checks to individuals holding verified accounts in the credit union within one week. El Paso Area Teachers is a full-service credit union with $471 million in assets and some 55,000 members
NCUA said El Paso’s FCU is the ninth federally insured credit union liquidated this year.