County & Municipal Employees closes, shares assumed by Navy Army Community
Member Deposits Remain Protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, VA (Oct. 10, 2014) – The Texas Credit Union Department today liquidated County & Municipal Employees Credit Union of Edinburg, Texas, and named the National Credit Union Administration as liquidating agent.
Navy Army Community Credit Union of Corpus Christi, Texas, immediately assumed County & Municipal Employees Credit Union’s members, assets, shares and selected loans. Navy Army Community Credit Union is a federally insured, state-chartered credit union with assets of $2.1 billion and 131,990 members, according to the credit union’s most recent Call Report.
The new Navy Army Community Credit Union members should experience no interruption in services. Members with questions about share accounts should contact Navy Army Community Credit Union member services at 800-622-3631 Monday through Friday from 8:30 a.m. to 4:30 p.m., Central, and Saturdays from 9 a.m. to 1 p.m. The member services call center will be closed Monday, Oct. 13.
Accounts of the new Navy Army Community Credit Union members remain insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000. 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. Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
The Texas Credit Union Department made the decision to liquidate County & Municipal Employees Credit Union and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.
Chartered in 1956, County & Municipal Employees Credit Union served employees of multiple political divisions and public service units as well as persons residing, working or worshiping in Hidalgo County, Texas. The credit union also operated branch offices in McAllen, Texas. County & Municipal Employees Credit Union had assets of $40.3 million and served 7,173 members, according to the credit union’s most recent Call Report.
County & Municipal Employees Credit Union is the ninth federally insured credit union liquidation in 2014.
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 United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 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.