Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Magnolia FCU purchases assets of Valued Members FCU
ALEXANDRIA, Va. (6/1/11)--Valued Members FCU of Jackson, Miss., with $9 million in assets and 2,000 members, was liquidated by the National Credit Union Administration (NCUA) Tuesday. Magnolia FCU, also of Jackson, immediately purchased and assumed the closed credit union’s assets, liabilities and members. Early in May, the NCUA announced it would work with Valued Members FCU to “resolve issues” affecting safety and soundness. The agency said that placing the troubled credit union into conservatorship would enable the institution to continue regular operations "with expert management in place, correcting previous service and operational weaknesses." It also enabled members to continue their business with their credit union. However, yesterday the NCUA said the credit union's declining financial condition led to its closure and subsequent purchase and assumption. The accounts of the new Magnolia FCU members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. The new Magnolia FCU members also will experience no interruption in services. Magnolia Federal is a large, full-service institution with $104 million in assets and more than 14,600 members.


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
2 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
7 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
7 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
9 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
9 hours ago