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NCUA shutters small N.Y.-based FCU
ALEXANDRIA, Va. (5/18/10)--New York, N.Y.-based Convent FCU has been closed and liquidated, the National Credit Union Administration (NCUA) announced on Monday. In a release, the NCUA said that it elected to close the credit union, which held $173,000 in assets from 213 members, after it determined that the credit union was “insolvent” and had “no prospects for restoring viable operations.” The NCUA will issue checks to former members of the credit union “within one week.” Seven other federally-backed credit unions have been closed so far this year. For the NCUA release, use the resource link.
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