ALEXANDRIA, Va. (3/21/13)--Kinecta FCU, Manhattan Beach, Calif., will take on the assets, shares and members of I.C.E. FCU, Inglewood, Calif., after the National Credit Union Administration announced an approved purchase and assumption agreement Wednesday.
The NCUA assumed control of I.C.E. FCU last week after it determined the credit union was insolvent and had no prospects for restoring viable operations. The credit union held $3.4 million-in-assets and had 942 members.
The agency said the new Kinecta members should experience no further interruption in services, and noted that their accounts will continue to be covered by the National Credit Union Share Insurance Fund up to $250,000.
Kinecta holds $3.2 billion in assets and has more than 242,000 members. The credit union was chartered in 1940 and serves individuals who live, work, worship or attend school in the central Los Angeles area, select employer groups, and members of the Consumers Cooperative Society of Santa Monica.
For the full NCUA release, use the resource link.