ALEXANDRIA, Va.– NCUA liquidated one CU and placed another into conservatorship yesterday.
NCUA liquidated TLC Federal Credit Union of Tillamook, Ore., with the $803-million Fibre FCU in of Longview, Wash. assuming its members, shares, loans and certain other assets and liabilities.
NCUA said it chose to liquidate the $109-million TLC Federal Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own. NCUA’s Asset Management and Assistance Center will take charge of certain assets of the closed credit union.
TLC was chartered in 1957 as Clatsop Tillamook Teachers FCU.
Meanwhile, NCUA also shuttered New Bethel Federal Credit Union of Portsmouth, Va. By placing it into conservatorship. Bethel Federal had just 176 members and $105,000 in assets.
NCUA said placed New Bethel into conservatorship to enable the credit union to continue regular operations with experienced management in place and correct previous service and operational weaknesses. While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness.
New Bethel members can continue to conduct normal financial transactions, deposit and access funds, and use shares through ABNB Federal Credit Union, Chesapeake, Va.