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2.6M-asset FCU in Pa. is liquidated
ALEXANDRIA, Va. (3/8/10)—With $2.6 million in assets and 1,085 members, Lawrence County School Employees FCU(Lawrence FCU) of New Castle, Pa. was liquidated by the National Credit Union Administration Friday. This is the fourth federally insured credit union liquidation in 2010. First Choice FCU, also of New Castle, purchased and assumed a portion of Lawrence FCU’s assets, loans and shares, enabling Lawrence FCU’s members to receive uninterrupted service. The NCUA announcement said the agency retained the remaining assets, loans, and shares, and it attributed the liquidation to Lawrence FCU’s “declining financial condition.” The purchaser, $22.3 million-asset First Choice, is described as a full-service credit union with a broad array of financial services. It already served approximately 4,415 members who either live, work, worship, or attend school in Lawrence County or work for one of the companies in its field of membership.


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