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August 31, 2015

SCICAP CU closed

The Iowa Credit Union Division granted the authority to place SCICAP Credit Union of Chariton, Iowa, into receivership on Friday, and NCUA was named liquidating agent.

SCICAP CU's assets were assumed by Community 1st Credit Union of Ottumwa, Iowa.

Chartered in 1968, SCICAP CU served employees of SCICAP Inc.; Decatur County; Decatur County Hospital; City of Leon; Westview Corporation; Wayne County; Mosaic, a nonprofit human services organization; Southern Iowa Resources for Families Inc.; Community Health Care Centers of Southern Iowa; and members of the Central Decatur Employee Association. NCUA reported that SCICAP CU was a federally insured, state-chartered credit union with assets of approximately $2 million and served 858 members, according to its most recent call report.

SCICAP is the sixth federally insured credit union liquidation in 2015.

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