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Constitution Corporate to be liquidated
ALEXANDRIA, Va. (11/22/10)--Constitution Corporate FCU (Constitution) will be liquidated on Nov. 30, the National Credit Union Administration (NCUA) announced Friday. Constitution was placed into conservatorship on Sept. 24. The liquidation, the NCUA said, is the next step in gaining control of the mortgage-backed securities on Constitution’s balance sheet to facilitate the securitization of those assets and is the same process undertaken at four other corporate credit unions that had “significant investments in distressed securities. “ The agency reiterated that it is committed to uninterrupted payment processing and other critical services for Constitution’s members and therefore is transferring the to-be liquidated corporate’s operations to Members United Bridge Corporate FCU, a bridge corporate created when Members United Corporate FCU was liquidated. Bridge corporates also formed around the liquidations of U.S. Central FCU, Western Corporate FCU, and Southwest Corporate FCU. “NCUA made this decision after determining it was in the best interest of Constitution’s members and the (National Credit Union Share Insurance Fund),” the agency announcement said.


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