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NCUA liquidates Tex.-based Kappa Alpha Psi FCU
ALEXANDRIA, Va. (8/4/10)—Addison, Texas-based Kappa Alpha Psi FCU has been liquidated, effective Tuesday, the National Credit Union Administration (NCUA) reported. The $780,000-asset, 1,341-member credit union was closed due to minimal capitalization, NCUA said in a press release. “There are no reasonable prospects for the credit union to achieve adequate capitalization,” NCUA added. Members of the credit union will have their deposited funds returned to them via checks, which will be issued soon, NCUA said. The credit union, which was founded in 2004, drew its membership from members of the Kappa Alpha Psi Fraternity and their families. Employees of the fraternity and members of affiliated organizations were also eligible for membership, according to the credit union. For the NCUA release, use the resource link.
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