Friday, October 12, 2018

NCUA Liquidates Radio, Television and Communication FCU

The National Credit Union Administration (NCUA) on October 12 liquidated Radio, Television and Communication Federal Credit Union of Staten Island, New York.

Palisades Federal Credit Union of Pearl River, New York, immediately assumed most of Radio, Television and Communication Federal Credit Union’s assets and all members, shares, and loans.

The NCUA made the decision to liquidate Radio, Television and Communication Federal Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.

The credit union posted losses of $263 thousand for 2017 and $75,355 thru mid-year 2018.

At the time of liquidation and subsequent purchase by Palisades Federal Credit Union, Radio, Television and Communication Federal Credit Union served 416 members and had assets of $3 million, according to its most recent Call Report. Chartered in 1964, Radio, Television and Communication Federal Credit Union served various groups in New York.

Radio, Television and Communication Federal Credit Union is the seventh federally insured credit union liquidation in 2018 and the third credit union headquartered in New York closed this year.

Read the press release.

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