Press

IBEW Local 816 Federal Credit Union Closes

Member deposits protected up to $250,000 by Share Insurance Fund

ALEXANDRIA, VA (July 10, 2014) — The National Credit Union Administration today liquidated IBEW Local 816 Federal Credit Union of Paducah, Kentucky.

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.

NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union. Members with additional questions about their insurance coverage may contact the Center toll-free at 800-715-0777 Monday through Friday between 8 a.m. and 5 p.m., Central. Individuals may also visit the MyCreditUnion.gov website at any time for more information about insurance coverage.

NCUA made the decision to liquidate IBEW Local 816 Federal Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

IBEW Local 816 Federal Credit Union served 929 members and had assets of approximately $6.3 million, according to the credit union’s most recent Call Report. Chartered in 1954, IBEW Local 816 Federal Credit Union served members, employees and their families of the International Brotherhood of Electrical Workers, AFL-CIO, in Paducah.

IBEW Local 816 is the sixth 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 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. AtMyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..