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High Desert FCU taken over by NCUA
ALEXANDRIA, Va. (10/20/08)—High Desert FCU, a $149 million-asset, Apple Valley, Calif. credit union, has been taken over by the National Credit Union Administration (NCUA), a step intended to conserve assets and protect members’ interests. The action also is used at times to protect the National Credit Union Share Insurance Fund (NCUSIF) from losses. Service to High Desert’s more than 13,000 continues under the NCUA’s management. Members may make deposits, access funds, make loan payments and use share drafts. An NCUA announcement said, “While the credit union was placed into conservatorship because of a declining financial condition, the decision to conserve a credit union enables the institution to continue normal operations with expert management in place.” It reiterated that member accounts are insured to at least $250,000 while IRA and KEOGH retirement accounts are separately insured up to $250,000 under coverage provided by the NCUSIF. High Desert was chartered in 1951 and serves those who live, work, or worship in San Bernardino County.


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