National Investment Fund For Credit Unions (NIFCU$) Closes: Proceeds To Be Distributed To Account Holders
WASHINGTON, DC (August 26, 2013) — NAFCU Services Corporation announced today that the National Investment Fund for Credit Unions (NIFCU$, or “the Fund”) has been closed. Union Bank, N.A., the investment manager and trustee of the Fund, will oversee the liquidation of the Fund such that account holders receive their full investment balance expeditiously.
The continuing low interest rate environment and smaller size of the Fund, coupled with an ever-changing competitive environment, resulted in decreasing yields to account holders in recent years. Given that the low-yield environment is expected to continue in the foreseeable future, the Fund trustees determined it to be in the best interest of the account holders to terminate the Fund.
About UnionBanCal Corporation & Union Bank, N.A
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $102.3 billion at June 30, 2013. Its primary subsidiary, Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 422 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, on June 30, 2013. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations. In July 2013, American Banker Magazine and the Reputation Institute ranked Union Bank #1 for reputation among its customers. Visit www.unionbank.com for more information.
About NAFCU Services
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers more than 30 Preferred Partner programs to the credit union community, maintains the credit union locator website www.CULookup.com, and provides free financial calculators to NAFCU members. For more information about NAFCU Services Corporation, visit www.nafcu.org/nafcuservices.