NYC OTB Federal Credit Union was liquidated by the NCUA on Wednesday. It was a tiny credit union, and as is common with the liquidations of tiny credit unions, the NCUA didn't arrange for another credit union to take over. Instead, the NCUA is closing the credit union and mailing checks. Here's an excerpt from the NCUA press release
At the time of the liquidation, the $1,456,884 credit union, chartered in 1972, served 868 members of the New York City Off-Track Betting Corporation in New York City. This is the third federally insured credit union liquidation in 2011.
NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in NYC OTB Federal Credit Union within one week.