Electrical Workers #527 FCU Of Texas City, TX Liquidated By NCUA
Thursday, May 23, 2013 - 2:52 PM
From Credit Union Times:
In a release, the NCUA said it made the decision to liquidate the credit union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
That’s an understatement, according to the 527-member credit union’s financial performance reports posted on the NCUA’s website. As of March 31, net worth plummeted to -36.07%, down from 7.23% the previous quarter.