NCUA Closes Two More Credit Unions

NCUA Closes Two More Credit Unions
As the $700 billion bailout bill was signed into law on Friday, Oct. 3, two more troubled credit unions were closed by the National Credit Union Administration (NCUA). The TEXTDOT-WF Credit Union of Wichita Falls, TX., and N&W Poca Division Federal Credit Union of Bluefield, W.V., were the 12th and 13th credit unions to fail this year.

TEXTDOT-WF's assets and member shares were purchased by the Postel Family Credit Union ($50 million assets) of Wichita Falls, TX. TEXTDOT-WF had $1.8 million in assets and served 530 members. The Texas Credit Union Department chartered TEXDOT-WF Credit Union in 1953 to serve employees of the Texas Department of Transportation. Over time, the field of membership expanded to include numerous select employee groups. The members now served by Postal Family Credit Union are insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an entity of the federal government operated by the NCUA.

The N&W Poca Division Federal Credit Union was also placed into liquidation by the NCUA. NCUA decided to liquidate the credit union's operations after finding it insolvent with no viable way to remain in business. At the time it was closed, it had 1,194 members and assets of $6 million. Members will be issued checks through the NCUA's Asset Management and Assistance center. The accounts are also insured by NCUSIF for up to $250,000.

The NCUA chartered N&W Poca Division Federal Credit Union in 1968 to serve employees of the Norfolk and Western Railway System in Mercer, McDowell and Mingo Counties in West Virginia, and Tazewell, Buchanan, Russell and Wise Counties in Virginia.


About the Author

Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.




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