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Navy Army Community CU Assumes Shuttered $40M County & Municipal Employees CU
Thursday, October 16, 2014 6:30 AM

On Oct. 10, the Texas Credit Union Department liquidated County & Municipal Employees Credit Union of Edinburg, Texas. According to a statement released by the National Credit Union Administration, the shuttered credit union had assets of $40.3 million and served 7,173 members. Navy Army Community Credit Union of Corpus Christi, Texas, immediately assumed the shuttered credit union's members, assets, shares, and selected loans.

Navy Army Community, a federally insured, state-chartered credit union with assets of $2.1 billion and 131,990 members, has said its new members should experience no interruption in services, and those accounts remain insured by the National Credit Union Share Insurance Fund.

The Texas Credit Union Department made the decision to liquidate County & Municipal Employees CU and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own. The NCUA was designated as the liquidating agent.

Chartered in 1956, County & Municipal Employees CU served employees of multiple political divisions and public service units, as well as persons residing, working, or worshiping in Hidalgo County. The credit union also operated branch offices in McAllen, Texas.

County & Municipal Employees Credit Union is the ninth federally insured credit union liquidation in 2014.