NCUA liquidates second 2022 credit union | Credit Union Journal and other news

The National Credit Union Administration closed the Paducah Federal Teachers’ Credit Union in Paducah, Kentucky, the second such closure this year.

On Friday, the NCUA announced the forced liquidation of a credit union with $12.1 million in assets after it found it was insolvent and had no chance of restoring viable operations to its 1,187 members, the agency said in a press release.

Paducah teachers offered services to current and retired members of the Paducah Board of Education, as well as members of the credit union and their immediate families. It recorded a $2,164,012 loss in the first six months of this year after reporting a $63,958 loss in 2021.

Nearby C-Plant Federal Credit Union in Paducah, Kentucky acquired some of Paducah’s teachers’ assets and assumed most of the defunct credit union’s stock accounts. C-Plant has approximately $279 million in assets and over 15,700 members.

C-Plant’s net income for the first six months of this year was $839,355, up from $964,846 a year earlier.

NCUA closed Empire Financial Federal Credit Union in New York earlier this year and recorded four liquidations in 2021: Federal Credit Union of Portsmouth Schools in Portsmouth, Virginia, Newspapers Federal Credit Union in Indianapolis, Federal Credit Union for Defense Logistics in Dover, New Jersey and Community owned federal credit union in Charleston, South Carolina.

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