A small New Jersey credit union was liquidated Wednesday by the federal credit union regulator after the agency said it had found the cooperative to be insolvent.
The National Credit Union Administration (NCUA) said it liquidated Unilever Federal Credit Union (FCU) of Englewood Cliffs, N.J., for its insolvency and, the agency added, that it “had no prospect of restoring viable operations.” The liquidation was voluntary, the agency said.
According to its most recent call report, the agency said, the credit union held $46.7 million in assets and counted 1,448 members. The credit union was chartered in 1948 and served, over the years, employees of UNUS, Unilever United States, Inc, and its directly or indirectly wholly owned subsidiaries who work in or are paid from Englewood Cliffs, NCUA said.
The agency noted that member deposits in the credit union remain protected to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), the federal insurance fund for credit union savings.
Unilever Federal Credit Union Closes
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