Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund
Aug. 28, 2015 - The Iowa Credit Union Division today was granted authority by the District Court to place SCICAP Credit Union of Chariton, 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 SCICAP Credit Unionís members, assets and loans. Community 1st is a federally insured, state-chartered credit union with assets of $534 million serving 53,681 members, according to the credit unionís most recent Call Report. The Iowa Credit Union Division made the decision to take over management of SCICAP Credit Union after determining the credit union was insolvent with no prospect for restoring viable operations on its own. SCICAP is the sixth federally insured credit union liquidation in 2015.
The new Community 1st Credit Union members should experience no interruption in services, and their accounts 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.
Members with questions about their accounts may contact Community 1st Credit Union toll-free at 866-360-5370 or by email at email@example.com. Community 1st Credit Union is open Monday through Friday from 8:30 a.m. to 5 p.m. Central and Saturday from 8:30 a.m. to noon Central. Individuals may also visit NCUAís MyCreditUnion.gov website at any time for more information about their insurance coverage.
At the time of liquidation and subsequent purchase by Community 1st Credit Union, SCICAP Credit Union was a federally insured, state-chartered credit union with assets of approximately $2 million that served 858 members, according to the credit unionís most recent Call Report. Chartered in 1968, SCICAP Credit Union served employees of SCICAP, Inc.; Decatur County; Decatur County Hospital; City of Leon; Westview Corporation; Wayne County; Mosaic, a non-profit human services organization; Southern Iowa Resources for Families, Inc.; Community Health Care Centers of Southern Iowa and members of the Central Decatur Employee Association.