Thursday, October 1, 2009

West Texas CU Fails

The National Credit Union Administration (NCUA) announced that Security Service Federal Credit Union (San Antonio, TX) has purchased the assets and assumed the shares of liquidated West Texas Credit Union of El Paso, Texas.

The Texas Credit Union Department liquidated West Texas Credit Union on September 30, 2009 and discontinued its operation after determining the credit union was insolvent with no prospects for restoring viable operations.

At the time of liquidation, West Texas Credit Union had approximately $78 million in assets and served 25,000 members.
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