C-Plant Federal Credit Union assumes IBEW Local 816 shares, purchases loans
Member Deposits Protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, VA (August 14, 2014) — C-Plant Federal Credit Union, of Paducah, Kentucky, has completed the purchase and assumption of IBEW Local 816 Federal Credit Union, also of Paducah, the National Credit Union Administration announced today.
NCUA liquidated IBEW Local 816 on July 10, 2014, after determining the credit union was insolvent and had no prospect for restoring viable operations. Former IBEW 816 members are now members of C-Plant, and the credit union has purchased the majority of IBEW’s loan portfolio.
Member deposits are federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Originally chartered in 1951, C-Plant is a federally insured, community-chartered credit union with 15,062 members and assets of $178.7 million, according to the credit union’s most recent Call Report. C-Plant serves people who live, work, worship or attend school in Ballard, Graves, Livingston or McCracken counties in Kentucky.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..