County & Municipal Employees Closes, Shares Assumed by NavyArmy Community

Member Deposits Remain Protected up to $250,000 by Share Insurance Fund

 

Oct. 10, 2014 - The Texas Credit Union Department today liquidated County & Municipal Employees Credit Union of Edinburg, TX, and named the National Credit Union Administration as liquidating agent.

 

NavyArmy Community Credit Union of Corpus Christi, TX, immediately assumed County & Municipal Employees Credit Unionís members, assets, shares and selected loans. NavyArmy Community Credit Union is a federally insured, state-chartered credit union with assets of $2.1 billion and 131,990 members, according to the credit unionís most recent Call Report.

 

The new NavyArmy Community Credit Union members should experience no interruption in services. Members with questions about share accounts should contact NavyArmy Community Credit Union member services at 800-622-3631 Monday through Friday from 8:30 a.m. to 4:30 p.m., Central, and Saturdays from 9 a.m. to 1 p.m. The member services call center will be closed Monday, Oct. 13.

 

Accounts of the new NavyArmy Community 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. 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 Texas Credit Union Department made the decision to liquidate County & Municipal Employees Credit Union and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.

 

Chartered in 1956, County & Municipal Employees Credit Union served employees of multiple political divisions and public service units as well as persons residing, working or worshiping in Hidalgo County, Texas. The credit union also operated branch offices in McAllen, Texas. County & Municipal Employees Credit Union had assets of $40.3 million and served 7,173 members, according to the credit unionís most recent Call Report.

 

County & Municipal Employees Credit Union is the ninth federally insured credit union liquidation in 2014.

 

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