ALEXANDRIA, Va. (8/15/14)--C-Plant FCU, of Paducah, Ky. with $178 million in assets, has completed the purchase and assumption of IBEW Local 816 FCU, also of Paducah, the National Credit Union Administration announced Thursday.
IBEW Local 816, which had $6 million in assets, was liquidated by the NCUA July 10 after the agency determined the credit union was insolvent and had no prospect for restoring viable operations. Former IBEW 816 members are now members of C-Plant, and the credit union has purchased the majority of IBEW's loan portfolio.
Originally chartered in 1951, C-Plant is a federally insured, community-chartered credit union with 15,062 members. C-Plant serves people who live, work, worship or attend school in Ballard, Graves, Livingston or McCracken counties in Kentucky.