NEW YORK–The $2-million New York State Employees FCU here has been liquidated by NCUA. The $200-million Palisades FCU in Pearl River, N.Y. has assumed most of NYSEFCU’s assets, as well as its 1,183 members.
The agency said it liquidated New York State Employees Federal Credit Union and discontinued its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own. Chartered in 1935, New York State Employees Federal Credit Union served various groups in New York.
The existing New York State Employees Federal Credit Union office will remain open until the transition of services is complete.
New York State Employees Federal Credit Union is the fourth federally insured credit union liquidation in 2017.