BEAVER, Penn.--NCUA has liquidated IBEW Local Union 712 Federal Credit Union here, the agency reported.
Neighboring West Penn P&P FCU immediately assumed the $7.7-million CU's assets, member shares, and loans, the agency said. West Penn P&P FCU has 2,150 members and assets of nearly $14.8 million, according to the credit union’s most recent Call Report.
At the time of liquidation and subsequent purchase by West Penn P&P Federal Credit Union, IBEW Local Union 712 served 2,935 members and had assets of approximately according to the credit union’s most recent Call Report. NCUA did not provide a reason for the liquidation.
Chartered in 1964, IBEW Local Union 712 FCU served members of IBEW Local Union 712. The CU is the first federally insured credit union liquidated in 2020, NCUA noted.