Phil-Pet Federal Credit Union, a tiny credit union in the Texas Panhandle, became the 16th credit union of 2010 to be liquidated.
Excerpts from the NCUA's Oct 21st press release
The National Credit Union Administration (NCUA) placed Phil-Pet Federal Credit Union, located in Pampa, Texas, into liquidation on October 18, 2010.
NCUA made the decision to close Phil-Pet Federal Credit Union and discontinue its operation after determining the credit union is insolvent. At the time of the liquidation, the $3.7 million credit union, chartered in 1940, served 765 members. Phil-Pet Federal Credit Union is the 16th federally insured credit union liquidation in 2010.
NCUA‘s Asset Management Assistance Center will transfer share accounts to Pantex Federal Credit Union of Borger, Texas