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Land of Enchantment FCU closed by NCUA
ALEXANDRIA, Va. (3/8/11)--Land of Enchantment FCU, established in 1951 to serve the employees of the New Mexico Department of Public Welfare, was closed yesterday by the National Credit Union Administration (NCUA). It had approximately $8.6 million in assets and served 1,593 members. Guadalupe CU, based in Sante Fe, as was Land of Enchantment, purchased and assumed the liquidated credit union’s assets, liabilities and members. Former members of Land of Enchantment will experience no interruption in credit union service, and their accounts, of course, remain federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund. Guadalupe CU has $102 million in assets and serves approximately 10,500 members. NCUA assumed control of operations at Land of Enchantment FCU with a goal of continuing credit union service to the members at a safe, sound credit union. This was the fifth federally insured credit union liquidation in 2011.


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