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News Now

Washington
Center Valley FCU liquidated
ALEXANDRIA, Va. (2/16/09)--The National Credit Union Administration (NCUA) placed Center Valley FCU, Wheeling, W.V., into liquidation Friday. The federal regulator decided to liquidate Center Valley and discontinue its independent operation after determining that the credit union was insolvent and had no prospects for restoring viable operations. At the time of liquidation, the credit union served 3,150 members and had deposits of approximately $8 million. This is the second federally insured credit union to close in 2009. The NCUA said its Asset Management and Assistance Center will issue checks to individuals once they have verified the balances in their share accounts. The NCUA’s National Credit Union Share Insurance Fund insures credit union members’ deposits to at least $250,000 on regular accounts and $250,000 on certain retirement accounts. Center Valley FCU was chartered in 1975 to serve employees of the Ohio Valley Medical Center in Wheeling and the underserved area known as South Wheeling.


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