September 2009
Comunidades Federal Credit Union Closes
Comunidades FCU Closes Majority of Members Now Served by Water and Power Community CU; Member Accounts are Safe and Federally Insured
ALEXANDRIA, Va. (September 22, 2009) – The National Credit Union Administration (NCUA) today closed Comunidades Federal Credit Union of Los Angeles, California, and authorized the assumption of a majority of accounts by Water and Power Community Credit Union of Los Angeles, California.
The Water and Power Community Credit Union share assumption provides a majority of Comunidades FCU members with uninterrupted credit union service. Comunidades Federal Credit Union’s declining financial condition led to its closure. It had $658,122 in assets and served 1,141 members in Los Angeles, California. This is the 6th federally insured credit union liquidation in 2009.
Water and Power Community Credit Union is a full service institution. It has $482.9 million in assets and serves approximately 52,340 members in and around the state of California. Its headquarters is located at 1053 W. Sunset Blvd., Los Angeles, California, and it has 6 branch locations and offers online transaction service as well.
Member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government.