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.

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