NCUA Places BCT Federal Credit Union into Conservatorship

Member Deposits Insured up to $250,000, Member Services Uninterrupte

 

(June 10, 2011) Ė The National Credit Union Administration (NCUA) today assumed control of service and operations at BCT Federal Credit Union of Binghamton, N.Y. While continuing normal member services, NCUA will work to resolve issues affecting the institutionís safety and soundness.

 

Deposits at BCT Federal Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at BCT Federal Credit Union up to $250,000. The NCUSIF, like the FDICís Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.

 

BCT Federal Credit Union is a full service financial institution that has been working for the Southern Tierís Educational Community for 67 years. Service to BCT Federal Credit Unionís 3,911 members will continue uninterrupted. Members can continue to conduct normal financial transactionsódeposit and access funds, make loan payments, and use shares.

 

The decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous service and operational weaknesses. During conservatorship, members may therefore continue to conduct business at the credit union.

 

The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect membersí interests, or protect the NCUSIF.

 

BCT Federal Credit Union is the sixth federally insured credit union placed into conservatorship during 2011.

 

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