ALEXANDRIA, Va. (3/24/14)--The Kansas Department of Credit Unions announced a decision Friday that Parsons Pittsburg CU of Parsons, Kan., placed into conservatorship on Jan. 24, has no prospect for restoring viable operations on its own and should be liquidated.
Upon announcing Parson's insolvency and liquidation, the Kansas regulator also named the National Credit Union Administration as liquidating agent. Golden Plains CU of Garden City, Kan., immediately assumed Parsons Pittsburg's 1,466 members, $13.4 million in assets, and its shares and loans. Service to former Parsons Pittsburg's members will continue uninterrupted.
Golden Plains is a federally insured, state-chartered credit union with $418.5 million in assets and 59,413 members, according to its most recent Call Report.
Chartered in 1951, Parsons Pittsburg served persons residing or employed within a 45-mile radius of Labette, Bourbon, Cherokee or Crawford counties in Kansas. The credit union also operated a branch in Pittsburg, Kan.
Parsons Pittsburg CU is the third federally insured credit union liquidation of 2014.