The 219-member, $506,000-in-assets Defense Logistics Federal Credit Union in Dover, N.J., was liquidated Thursday after about a 62-year run.
The credit union, chartered in 1959, served civilian and military personnel of the Defense Contract Administration Services District-Newark and the Defense Contract Audit Agency of Northern New Jersey. The National Credit Union Administration (NCUA) on Thursday said it decided to liquidate the credit union after determining that the institution engaged in unsafe and unsound practices.
The agency said Pentagon Federal Credit Union (PenFed) immediately assumed Defense Logistics Federal Credit Union’s assets, member shares, and loans.
Defense Logistics Closes; PenFed Assumes Loans, Assets, Shares