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NCUA shutters Ohio-based FCU
ALEXANDRIA, Va. (5/4/10)--Eastlake, Ohio-based St. Paul’s Croatian FCU on Saturday was officially closed by the National Credit Union Administration (NCUA). The credit union was placed into conservatorship by the NCUA late last month. In a release, the NCUA said that the credit union was insolvent and had “no prospects for restoring viable operations.” St. Paul’s held $238.8 million in funds from 5400 members at the time of its closing. The NCUA will communicate directly with those members via a pending letter, and funds held by those members will be backed by the National Credit Union Share Insurance Fund’s typical $250,000 deposit guarantee. St. Paul’s was chartered in 1943 and served "members of St. Paul's Croatian Parish in Cleveland, Ohio, spouses of persons who died while in the field of membership of this credit union, employees of the credit union, persons retired as pensioners or annuitants from the credit union, members of their immediate families, and organizations of such persons." This was the ninth credit union to fail in 2010. For the NCUA release, use the resource link.
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