Thursday, February 24, 2011

NYC OTB FCU Liquidated

The National Credit Union Administration (NCUA) liquidated NYC OTB Federal Credit Union, located in New York, New York.

NCUA closed NYC OTB Federal Credit Union after determining the credit union is insolvent and has no prospects for restoring viable operations. NYC OTB’s sponsor closing and the credit union’s subsequent declining financial condition led to the closure.

At the time of the liquidation, the credit union had $1,456,884 in assets and served 868 members of the New York City Off-Track Betting Corporation in New York City.

This is the third federally insured credit union liquidation in 2011.

Read the press release.
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