Thursday, May 23, 2013

Tiny Texas Credit Union Liquidated

The National Credit Union Administration (NCUA) liquidated Electrical Workers #527 Federal Credit Union of Texas City, Texas.

NCUA made the decision to liquidate Electrical Workers #527 Federal Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

The credit union posted a loss of $295,220 in the first quarter of this year after reporting a loss of $122,290 for all of 2012. As of March 31, 2013, its net worth ratio was -36.07 percent.

Electrical Workers #527 Federal Credit Union was a low-income designated credit union serving 527 members and had assets of $622,857.

This is the seventh credit union to fail this year. The last Texas credit union to fail was Women's Southwest FCU of Dallas (TX) on October 31, 2012.

Read the press release.
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