Saturday, March 22, 2014

Parsons Pittsburg CU Closed

The Kansas Department of Credit Unions liquidated Parsons Pittsburg Credit Union of Parsons, Kansas, and named the National Credit Union Administration as liquidating agent.

Golden Plains Credit Union of Garden City, Kansas, immediately assumed Parsons Pittsburg Credit Union’s members, assets, shares and loans.

The Kansas Department of Credit Unions made the decision to liquidate Parsons Pittsburg Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by Golden Plains Credit Union, Parsons Pittsburg Credit Union served 1,466 members and had assets of $13.4 million, according to its most recent Call Report.

The Administrator of the Kansas Department of Credit Unions placed Parsons Pittsburg Credit Union into conservatorship on January 24, 2014, and named NCUA as agent to handle the credit union’s day-to-day operations.

This is the third federally insured credit union to be liquidated in 2014.

Read the NCUA press release.
Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.