CBS employees’ credit union liquidated; another assumes its assets, members

A credit union that provided financial services to employees of CBS, Inc., Mary Tyler Moore Productions, and CBS/MTM who work in Studio City, California, was liquidated Friday and its assets, loans, shares and members assumed by another in the area.

The National Credit Union Administration (NCUA) liquidated C B S Employees Federal Credit Union, which had 2,798 members and assets of approximately $21 million as of its most recent call report, the agency said. The Studio City, Calif., credit union was chartered in 1961.

The agency liquidated C B S Employees FCU and discontinued its operations “after determining the credit union was insolvent with no prospect of restoring viable operations on its own,” the agency said in a statement Friday. NCUA approved its immediate purchase and assumption by University Credit Union, Los Angeles, it said.

Member Services Continue; Deposits Remain Protected by Share Insurance Fund