Member Accounts are Safe and Federally Insured
March 5, 2010 – The National Credit Union Administration (NCUA)
today liquidated Lawrence County School Employees Federal Credit Union (Lawrence
FCU) of New Castle, Pennsylvania, and accepted New Castle, Pennsylvania, based
First Choice Federal Credit Union’s offer to purchase and assume the credit union.
First Choice Federal Credit Union purchased and assumed a portion of Lawrence FCU’s
assets, loans and shares, enabling Lawrence FCU’s members to receive uninterrupted
credit union service. NCUA retained the remaining assets, loans, and shares. Lawrence
FCU’s declining financial condition led to its closure and subsequent purchase and
assumption. At closure, Lawrence FCU had $2.6 million in assets and served 1,085
First Choice Federal Credit Union is a full service credit union and its members have
access to a broad array of financial services. With assets of $22.3 million, its two branch
locations serve approximately 4,415 members who either live, work, worship, or attend
school in Lawrence County, Pennsylvania or work for one of the companies in its field of
Member accounts are insured to at least $250,000 by the National Credit Union Share
Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S.
Government. This is the 4th federally insured credit union liquidation in 2010.