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NCUA announces dual CU closures
ALEXANDRIA, Va. (10/2/09)--The National Credit Union Administration (NCUA) on Thursday reported that Alaska USA FCU will assume the assets and members of The Members’ Own FCU after Members’ Own accepted Alaska USA’s sale offer. Members of The Members’ Own FCU, which held $85 million-in-assets from 11,000 members, will now be able to take advantage of “a broad array of financial services offered throughout the United States” via $4.1 billion-in-assets, 375,000-member Alaska USA FCU, the NCUA release announcing the purchase said. Alaska USA currently serves its membership via 56 branches in Alaska, California, and Washington, and also does business through a 5,600-unit network of shared branches, according to the NCUA. The NCUA has also announced a second credit union closure, reporting that San Antonio-based Security Service FCU will assume the assets and member shares of West Texas CU, which has been liquidated. The $78 million in assets and 25,000 members of the El Paso, Texas-based credit union will now be served by the $5 billion-in-assets, 680,000 member credit union which serves Air Force members throughout the country. In a release announcing the acquisition, Security Service FCU President/CEO David Reynolds said his credit union was "pleased" to welcome former West Texas CU members to the "family," adding that he looks "forward to serving and being part of the El Paso community."


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