NCUA Liquidates IBEW Local Union 712 FCU

The National Credit Union Administration on May 29 liquidated IBEW Local Union 712 Federal Credit Union in Beaver, Pennsylvania.

West Penn P&P Federal Credit Union of Beaver, Pennsylvania, immediately assumed IBEW Local Union 712 Federal Credit Union’s assets, member shares, and loans. West Penn P&P Federal Credit Union has 2,150 members and assets of nearly $14.8 million, according to the credit union’s most recent Call Report.

At the time of liquidation and subsequent purchase by West Penn P&P Federal Credit Union, IBEW Local Union 712 served 2,935 members and had assets of approximately $7.7 million. The credit union was insolvent with a net worth ratio of negative 18.32 percent. The credit union reported net income of minus $2.34 million for the first quarter of 2020, as provision for loan and lease losses was almost $2.37 million.

This is the first credit union liquidation in 2020. The last credit union to be liquidated in Pennsylvania was First African Baptist Church Federal Credit Union (Sharon Hill, PA) on November 29, 2016.

Read the press release.