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December 06, 2011

O.U.R. FCU, BCT FCU liquidated

NCUA on Monday liquidated O.U.R. FCU of Eugene, Ore., and approved the purchase and assumption of certain of its assets and member shares by Northwest Community CU of Springfield, Ore.

Chartered in 1969, O.U.R. Federal Credit Union served the residents of Lane County, Ore., participating within the past 12 months in programs of the Lane County Department of Community Health and Social Services. At the time of liquidation and subsequent purchase, O.U.R. FCU served 1,379 members and had deposits of approximately $4.25 million, NCUA said.

Northwest CU has more than 71,000 members and about $675 million in assets.

Last week, NCUA liquidated BCT FCU of Binghamton, N.Y., and approved the immediate assumption of the institution's assets, liabilities and member shares by Visions FCU of Endicott, N.Y.

BCT FCU was chartered in 1941 and served employees of public, private and parochial schools throughout Broome County, N.Y., and similar groups from surrounding counties and towns in New York and Pennsylvania. It also served various select employee groups. The credit union had $41.3 million in deposits and 3,900 members.

Visions FCU has about 127,000 members and $2.7 billion in assets.

With these latest actions, there have been 15 failures of federally insured credit unions in 2011. Of those, 14 involved involuntary liquidation.

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