Member Deposits Protected up to $250,000 by the Share Insurance Fund
ALEXANDRIA, Va. (April 5, 2016) – The National Credit Union Administration today liquidated six federal credit unions in the Philadelphia, Pennsylvania, area:
- Cardozo Lodge Federal Credit Union of Bensalem,
- Chester Upland School Employees Federal Credit Union of Chester,
- Electrical Inspectors Federal Credit Union of Bensalem,
- O P S EMP Federal Credit Union of Bensalem,
- Servco Federal Credit Union of Bensalem, and
- Triangle Interests % Service Center Federal Credit Union of Bensalem.
Member deposits at each of the closed credit unions 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 member’s 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.
NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to members holding verified share accounts at each 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.* Members also may visit the Share Insurance section of NCUA’s MyCreditUnion.gov website at any time for more information about their insurance coverage.
NCUA made the decision to liquidate the six federal credit unions and discontinue operations after determining the credit unions were insolvent and had no prospect for restoring viable operations.
Cardozo Lodge Federal Credit Union served 83 members and had assets of $226,485, according to the credit union’s most recent Call Report. Chartered in 1960, Cardozo Lodge Federal Credit Union primarily served regular members of the Cardozo Lodge No. 400, Independent Order Brith Sholom, in Philadelphia and employees of Rovner, Allen, Rovner, Zimmerman and Nash who work in Feasterville, Pennsylvania.
Chester Upland School Employees Federal Credit Union served 593 members and had assets of $827,269, according to the credit union’s most recent Call Report. Chartered in 1939, Chester Upland School Employees Federal Credit Union primarily served employees of the Chester Upland School District in Chester City, Chester Township and Upland Borough in Delaware County, Pennsylvania.
Electrical Inspectors Federal Credit Union served 44 members and had assets of $65,894, according to the credit union’s most recent Call Report. Chartered in 1976, Electrical Inspectors Federal Credit Union primarily served active and associate members of the Eastern Pennsylvania Chapter, Eastern Section, International Association of Electrical Inspectors in Philadelphia and employees of Municipal Inspection Corporation who work in Philadelphia.
O P S EMP Federal Credit Union served 85 members and had assets of $1,182,927, according to the credit union’s most recent Call Report. Chartered in 1968, O P S EMP Federal Credit Union primarily served employees of O.P. Schuman & Sons, Inc. who work in Warrington, Pennsylvania.
Servco Federal Credit Union served 795 members and had assets of $2,193,229, according to the credit union’s most recent Call Report. Chartered in 1950, Servco Federal Credit Union served various groups in Delaware, New Jersey, New York and Pennsylvania.
Triangle Interests % Service Center Federal Credit Union served 99 members and had assets of $290,098, according to the credit union’s most recent Call Report. Chartered in 1995, Triangle Interests % Service Center Federal Credit Union primarily served natural person members of Triangle Interests headquartered in Philadelphia.
All six credit unions received management and recordkeeping services from Service Center for Credit Unions, Inc., in Bensalem.
There have now been ten federally insured credit union liquidations in 2016.