Liquidated By National Credit Union Association
June 9, 2020
The National Credit Union Administration liquidated IBEW Local Union 712 Federal Credit Union in Beaver, Pennsylvania. It has the unfortunate distinction of being the first federally insured credit union liquidated in 2020.
At the time of liquidation and subsequent purchase by West Penn P&P Federal Credit Union, IBEW Local Union 712 served 2,935 members and had assets of approximately $7.7 million, according to the credit union’s most recent Call Report. Chartered in 1964, IBEW Local Union 712 Federal Credit Union served members of IBEW Local Union 712.
West Penn P&P Federal Credit Union of Beaver, Pennsylvania, assumed IBEW Local Union 712 Federal Credit Union’s assets, member shares, and loans. West Penn P&P Federal Credit Union is a federally chartered credit union with 2,150 members and assets of nearly $14.8 million, according to the credit union’s most recent Call Report.
The new West Penn P&P Federal Credit Union members experienced no interruption in services, and accounts remain insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000.
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