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13Th Credit Union Liquidation Of 2010

Thursday, August 5, 2010 - 6:04 AM
From NCUA's 8/3/2010 press release:
[NCUA] placed Kappa Alpha Psi Federal Credit Union, located in Addison, Texas, into liquidation. NCUA made the decision to close Kappa Alpha Psi Federal Credit Union and discontinue its operation after determining the credit union is minimally capitalized and there are no reasonable prospects for the credit union to achieve adequate capitalization. At the time of the liquidation, the $780,000 credit union, chartered in 2004, served 1,341 members.

This is the first time I've seen a credit union based on college fraternity membership. It's probably not the best way to create a credit union...
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Ken TuminKen Tumin5,441 posts since
Nov 29, 2009
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