NCUA Closes Two More Credit Unions
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.