Member Deposits Protected up to $250,000 by Share Insurance Fund
July 16, 2015 - The National Credit Union Administration today liquidated Lakeside Federal Credit Union of Hammond, IN.
Member deposits are federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a memberís interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
NCUAís Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union. Members with additional questions about their insurance coverage may contact the Center toll-free at 877-715-0777 Monday through Friday between 8 a.m. and 5 p.m., Central. Individuals may also visit the MyCreditUnion.gov website at any time for more information about insurance coverage.
NCUA made the decision to liquidate Lakeside Federal Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Lakeside Federal Credit Union served 2,280 members and had assets of approximately $8.9 million, according to the credit unionís most recent Call Report. Chartered in 1950, Lakeside Federal Credit Union served members, employees and their families of the Trans Union Corporation in Lincolnshire and Chicago, Illinois, as well as members, employees and their families of Union Tank Car Company, Trans Union Systems Corporation and several smaller employers in northwest Indiana.
Lakeside is the fifth federally insured credit union liquidation in 2015.