Feds Shut Down Six Philly-Area Credit Unions
Andrew Magill | Used under a Creative Commons license.
An independent federal agency on Tuesday shuttered six Philly-area credit unions, saying they were insolvent and had no likely path back to viable operations.
The National Credit Union Administration announced it had closed down the following institutions:
- Cardozo Lodge Federal Credit Union of Bensalem,
- Chester Upland School Employees Federal Credit Union of Chester,
- Electrical Inspectors Federal Credit Union of Bensalem,
- O P S EMP Federal Credit Union of Bensalem,
- Servco Federal Credit Union of Bensalem, and
- Triangle Interests % Service Center Federal Credit
Each of the credit unions was operated by Service Center for Credit Unions Inc., also in Bensalem, the NCUA said. The Credit Union Times reported the company was offering no comment on the liquidations.
Collectively, the institutions had nearly 1,700 members, according to the NCUA.
Members of the credit unions are protected: The institutions were insured by the NCUA — individual accounts up to $250,000, and an individual’s interest in joint accounts up to $250,000. Persons seeking information about their accounts can call 877-715-0777 weekdays, or visit the Share Insurance section of NCUA’s MyCreditUnion.gov website for more info.
