Agency closes 82-year-old credit union; fourth liquidated this year

An 82-year-old credit union Friday became the fourth nationwide to be liquidated in 2017, the federal regulator of credit unions announced.

New York State Employees Federal Credit Union of New York, N.Y., had about $2 million in assets and served nearly 1,200 members, the National Credit Union Administration (NCUA) said in a release. The agency both regulates and insures the savings of credit unions.

Most of the liquidated credit union’s assets – and all its loans, savings (shares) and members — were assumed by Palisades Federal Credit Union of Pearl River, N.Y., a nearly $200 million credit union with nearly 14,000 members, the agency said.

“The NCUA made the decision to liquidate New York State Employees Federal Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own,” the agency said in a release announcing the liquidation.

New York State Employees Closes; Palisades Assumes Members, Shares, Loans