Member Deposits Protected up to $250,000 by Share Insurance Fund
Sept. 24, 2015 - The National Credit Union Administration today liquidated SWC Credit Union of Tampa, FL.
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 9 a.m. and 6 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov website at any time for more information about insurance coverage.
The Florida Office of Financial Regulation had placed SWC into conservatorship and named NCUA as the agent for the conservator. NCUA made the decision to liquidate SWC and discontinue its operations after determining the credit union was unable to restore viable operations.
SWC Credit Union had 309 members and assets of $1.9 million, according to the credit unionís most recent Call Report. Chartered in 1941, SWC Credit Union served employees and various concessionaires of Sears, Roebuck & Company and their families in Hillsborough, Pinellas, Pasco, Manatee, Sarasota and Polk counties.
SWC is the seventh federally insured credit union liquidation in 2015.