Member Deposits Remain Protected up to $250,000 by Share Insurance Fund
July 10, 2015 - The National Credit Union Administration today liquidated Trailblazer Federal Credit Union of Washington, PA.
Chrome Federal Credit Union of Washington, PA, immediately assumed Trailblazer’s members and deposits. Chrome Federal Credit Union is a federal credit union serving 11,120 members and holding assets of $131.5 million, according to its most recent Call Report.
Accounts of the new Chrome Federal Credit Union members remain 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 member’s 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. Individuals may visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
NCUA made the decision to liquidate Trailblazer Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations. NCUA’s Asset Management and Assistance Center will take charge of certain assets of the closed credit union.
At the time of liquidation and prior to the assumption of its members and shares by Chrome Federal Credit Union, Trailblazer Federal Credit Union served 1,535 members and had assets of $4.1 million, according to the credit union’s most recent Call Report. Chartered in 1956, Trailblazer Federal Credit Union served the employees of Pennsylvania’s Washington County and their immediate family members.
Trailblazer Federal Credit Union is the fourth federally insured credit union liquidation in 2015.