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Electrical Workers #527 Federal Credit Union Closes Its Doors
Wednesday, May 29, 2013 6:20 AM

A small coastal Texas credit union closed its doors for good last Thursday. The National Credit Union Administration (NCUA) liquidated Electrical Workers #527 Federal Credit Union of Texas City and discontinued its operations after deciding the credit union was insolvent and would be unable to restore viable operations.

The National Credit Union Share Insurance Fund federally insured member deposits up to $250,000. NCUA’s Asset Management and Assistance Center will issue checks to members holding verified share accounts in the credit union within one week.

Members who have questions about their insurance coverage can contact NCUA’s Consumer Assistance Center toll-free at 800-755-1030 Monday through Friday between 7 a.m. and 4 p.m. Central Time. Members may also visit the mycreditunion.gov website at any time for more information about their insurance coverage.

According to the credit union’s most recent Call Report, Electrical Workers #527 Federal Credit Union served 527 members and had assets of $622,857. Chartered in 1963, Electrical Workers #527 Federal Credit Union served various select groups, primarily those related to electrical workers in the Texas City area.

Electrical Workers #527 Federal Credit Union is the seventh federally insured credit union liquidation this year.