July 11, 2014

NCUA closes Kentucky credit union

July 14, 2014 – NCUA liquidated Paducah, Ky.-based IBEW Local 816 Federal Credit Union due to insolvency – making it the sixth federally insured credit union to be liquidated this year.

NCUA said its Asset Management and Assistance Center would issue correspondence to individuals holding share accounts in the credit union in the near future, and suggested any other members with questions visit or call the center's hotline.

NCUA said it determined that there was no prospect of restoring viable operations at IBEW Local 816 FCU. The credit union served 929 members and had approximately $6.3 million in assets, according to the latest Call Report data. IBEW Local 816 FCU was chartered in 1954, and served employees and families of employees of the International Brotherhood of Electrical Workers, AFL-CIO, in Paducah.