Member Deposits Protected up to $250,000 by the Share Insurance Fund
Sept. 5, 2014 Ė The Iowa Credit Union Division today was granted authority by the District Court to place Louden Depot Community Credit Union of Fairfield, IA, into receivership and then tendered the receivership to the National Credit Union Administration.
Community 1st Credit Union of Ottumwa, IA, immediately assumed most of Louden Depot Community Credit Unionís members, assets, and loans. Community 1st is a federally insured, state-chartered credit union with assets of $505.4 million serving 50,946 members, according to the credit unionís most recent Call Report.
The new members of Community 1st should experience no interruption in service at the current Louden Depot Community Credit Union location during this transition. Members with questions about share accounts may contact Community 1st at 641-472-9770 or by email at email@example.com. The credit union is open Monday through Friday between 8 a.m. and 5 p.m., Central.
Accounts of the new Community 1st 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. 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 also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
The Iowa Credit Union Division made the decision to take over management of Louden Depot Community Credit Union and determined the credit union was insolvent with no prospect for restoring viable operations on its own.
Chartered in 1954, Louden Depot Community Credit Union served persons residing or employed within Jefferson County and the contiguous counties, former members of the Meritor Employees Credit Union, employees of such small employee groups as approved by the Superintendent of the Iowa Credit Union Division and family members. Louden Depot Community Credit Union had assets of approximately $5 million and served 790 members, according to the credit unionís most recent Call Report.
Louden Depot Community Credit Union is the seventh federally insured credit union liquidation in 2014.