Member Deposits Protected up to $250,000 by the Share Insurance Fund
April 30, 2015 - The National Credit Union Administration today liquidated TLC Federal Credit Union of Tillamook, OR.
Fibre Federal Credit Union of Longview, WA, immediately assumed TLC Federal Credit Unionís members, shares, loans and certain other assets and liabilities. Fibre is a federally chartered credit union with assets of $803 million and 71,793 members, according to the credit unionís most recent Call Report.
Accounts of the new Fibre 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 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. Individuals may visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
The new Fibre members will experience no interruption in services, and the former TLC branches will remain open. Members with questions about their accounts may contact Fibre Federal Credit Union at (360) 414-4283 Monday through Friday between 9 a.m. and 5 p.m., Pacific.
NCUA made the decision to liquidate TLC Federal Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own. NCUAís Asset Management and Assistance Center will take charge of certain assets of the closed credit union.
At the time of liquidation and subsequent purchase by Fibre Federal Credit Union, TLC served 13,375 members and had assets of approximately $109 million, according to the credit unionís most recent Call Report. Chartered in 1957 as Clatsop Tillamook Teachers Federal Credit Union, the credit union changed its name to TLC Federal Credit Union in 1988. It converted in 2003 to a community charter to serve the residents of Clatsop, Lincoln and Tillamook counties in Oregon.
TLC Federal Credit Union is the third federally insured credit union liquidation in 2015.