PADUCAH, Ky.–School is over for the $12-million Paducah Teachers FCU, which has been shuttered by NCUA. The $278.9-million C-Plant FCU, also based in Paducah, has purchased some assets and assumed most of PTFCU’s share accounts.
Paducah Teachers had approximately 1,200 members, who have now joined the approximately 16,000 who belong to C-Plant FCU.
NCUA did not provide a reason for the shutdown, and the NCUA database indicates that no call report is available for PTFCU, including at year-end 2021. The agency said only that it made the decision to liquidate Paducah Teachers FCU and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
According to NCUA, the new C-Plant Federal Credit Union members will experience no interruption in services.
PTFCU’s FOM
Paducah Teachers FCU served employees of the Paducah Board of Education who work in Paducah, Ky.; spouses of persons who died while within the field of membership of this credit union; persons retired as pensioners or annuitants from the above employment; employees of this credit union; members of employees’ immediate families, and organizations of such persons.
Paducah Teachers FCU is the second federally insured credit union liquidation in 2022.