January 27, 2014

$13.5 million FISCU conserved

Jan. 28, 2014 – Kansas state regulators on Friday placed the federally insured Parsons Pittsburg CU, Parsons, Kan., in conservatorship and named NCUA as its agent in handling the credit union's day-to-day operations.

State regulators cited unsafe and unsound practices in announcing the conservatorship. Parsons Pittsburg CU has 1,470 members and assets of $13.5 million, according to the credit union's Sept. 30, 2013, call report.

Parsons Pittsburg Credit Union is a community-chartered credit union serving persons residing or employed within a 45-mile radius of Labette, Bourbon, Cherokee or Crawford counties in Kansas. The credit union also operates a branch in Pittsburg, Kan.