NCUA reports 7th credit union liquidation of 2018

A $3 million-in-assets credit union in Staten Island, N.Y., on Friday became the seventh federally insured credit union liquidated in 2018, the National Credit Union Administration announced.

Radio, Television and Communication Federal Credit Union, with 416 members as of its last call report, was chartered in 1964 and served “various groups” in New York, the agency said. NCUA said it made the decision to liquidate the credit union and discontinue its operations “after determining the credit union was insolvent with no prospect for restoring viable operations on its own.”

Palisades Federal Credit Union of Pearl River, N.Y., immediately assumed most of the credit union ’s assets and all members, shares, and loans, the agency said.

The other six credit unions liquidated thus far in 2018 are:

  • ​LOMTO Federal Credit Union, Woodside, N.Y., liquidated Oct. 1;
  • ​Melrose Credit Union, Briarwood, N.Y., liquidated Aug. 31;
  • Greater Christ Baptist Church Credit Union, Detroit, Mich., liquidated July 31;
  • Louisville Metro Police Officers Credit Union, Louisville, Ky., liquidated June 29;
  • First Jersey Credit Union, Wayne, N.J., liquidated Feb. 28; and
  • St. Elizabeth’s Credit Union, Chicago, Ill., liquidated Jan. 30.

Meanwhile, NCUA has one credit union under conservatorship: Beverly Bus Garage Federal Credit Union, Chicago, Ill., placed into conservatorship in March. The agency placed Ukrainian Future Credit Union, Warren, Mich., into conservatorship in February. NCUA reported Ukrainian Future was merged into Selfreliance Ukrainian American Federal Credit Union, also of Chicago, this August and without agency assistance.

Radio, Television and Communication Federal Credit Union Closes

2018 Supervisory Actions

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