PEF FCU Closed

The National Credit Union Administration (NCUA) today liquidated PEF Federal Credit Union of Highland Heights, Ohio.

Best Reward Credit Union of Brook Park, Ohio immediately assumed certain PEF Federal Credit Union members, shares, assets and liabilities.

NCUA placed PEF into conservatorship on June 21, 2013 and made the subsequent decision to liquidate PEF and discontinue its operations after determining the credit union had no prospect for restoring viable operations. The credit union reported a delinquent loan ratio of 10.59 percent and net charge-off ratio of 6.17 percent at the end of March 2013.

PEF served 2,974 members and had assets of approximately $31.3 million.

PEF FCU is the 11th credit union to be liquidated this year and the first Ohio credit union to fail, since G.I.C. FCU on December 13, 2012.

Read the press release.