Saturday, May 4, 2013

Lynrocten FCU Closed

The National Credit Union Administration (NCUA) liquidated Lynrocten Federal Credit Union of Lynchburg, Va.

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

Local media reported that the credit union was being investigated by the Lynchburg police for criminal activity.

Lynrocten Federal Credit Union served 1,068 members and had assets of approximately $13.8 million.

This is the sixth credit union to fail in 2013 and the second Virginia credit union to be closed in 2013.

Read the press release.
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