El Paso’s Federal Credit Union Closes
If you bank at El Paso’s Federal Credit Union, you need to listen up.
The National Credit Union Administration, which is a an independent federal agency that supervises credit unions, shut down El Paso’s Federal Credit Union on Friday after it was found to be insolvent.
El Paso’s Federal Credit Union used to be known as El Paso Smelter Federal Credit Union and was founded in 1952 for workers of Asarco.
However, El Paso’s Federal Credit Union has had some tough times recently.
They went from 6.4 million dollars in assets last year to 5 million in June of this year, and posted 3 straight quarterly losses.
The National Credit Union Administration said it was determined that El Paso’s Federal Credit Union had no chance of restoring viable operations.
Some of the credit union’s accounts will be transferred to the El Paso Area Teachers Federal Credit Union.
For accounts that aren’t transferred, checks will be issued in a week to verified account holders.
Deposits were federally insured up to 250 thousand dollars.
For more information, credit union members can call the National Credit Union Administration consumer hot line at 800-755-1030 from 6 a.m. to 3 p.m. Monday through Friday.
More information is online at MyCreditUnion.gov.