Monday, December 17, 2012

NCUA Closes Olean Tile Employees FCU

The National Credit Union Administration (NCUA) liquidated Olean Tile Employees Federal Credit Union of Olean, N.Y.

NCUA made the decision to liquidate Olean Tile Employees Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

Its September 2012 financial information stated that the credit union was well capitalized and did not have asset quality issues.

Olean Tile Employees Federal Credit Union served 550 members and had assets of approximately $778,139.

Olean Tile Employees Federal Credit Union is the thirteenth federally insured credit union liquidation in 2012 and the second credit union headquartered in New York to fail this year. The other credit union was Eastern New York Federal Credit Union.

Read the press release.
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