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CPM FCU serves members of liquidated CU
ALEXANDRIA, Va. (8/11/08)--The National Credit Union Administration (NCUA) said Friday that CPM FCU of North Charleston, S.C., agreed to purchase and assume the member accounts of recently-liquidated Port Trust FCU of Charleston, providing Port Trust FCU members with local credit union service. NCUA liquidated Port Trust FCU Aug. 5 to “protect member assets after the credit union was determined to be insolvent,” said the agency. With assets purchased and assumed by CPM FCU, the Port Trust FCU members’ loan and share accounts are being transferred directly to CPM FCU. The new CPM members are guaranteed full member-owner rights and can access their funds at any CPM office location. Headquartered in North Charleston, CPM Federal Credit Union is a full service, $178 million federally chartered credit union serving 48,488 members. Chartered in 2006, liquidated Port Trust FCU had assets of approximately $460,900. The community-based credit union served 260 members.


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