Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund
ALEXANDRIA, Va. (March 31, 2021) – The National Credit Union Administration today liquidated Indianapolis’ Newspaper Federal Credit Union of Indianapolis, Indiana.
Elements Financial Federal Credit Union of Indianapolis, Indiana, immediately assumed most of Indianapolis’ Newspaper Federal Credit Union’s shares. Elements Financial Federal Credit Union is a federally insured and chartered credit union with 116,004 members and assets of more than $2 billion, according to the credit union’s most recent Call Report.
Elements Financial Federal Credit Union expects no interruption in services for the new members, and their accounts remain 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 insures a member’s interest in all joint accounts combined up to $250,000. The Share Insurance Fund also 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 Elements Financial Federal Credit Union at 317.524.5025, Monday through Friday from 8 a.m. to 4:30 p.m., or through their website.
The NCUA has retained a portion of Indianapolis’ Newspaper Federal Credit Union’s shares. Members should contact NCUA’s Asset Management and Assistance Center to see if their shares have been retained:
Indianapolis’ Newspaper Federal Credit Union
c/o National Credit Union Administration
4807 Spicewood Springs Road, Suite 5100
Austin, Texas 78759
512.231.7940
amacmail@ncua.gov
The NCUA will also retain all the Indianapolis’ Newspaper Federal Credit Union’s loans and will use Statebridge Company to perform loan servicing. Members with questions pertaining to their loan account can contact Malaya Lawrence at 866.466.3360, extension 6357 or by email at malaya@statebridgecompany.com. Members will also submit loan payments to Statebridge Company:
Statebridge Company, LLC
Attn: Payment Processing Dept
P.O. BOX 173313
Denver, CO 80217-3313
The NCUA made the decision to liquidate Indianapolis’ Newspaper Federal Credit Union and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own.
At the time of liquidation and subsequent assumption by Elements Financial Federal Credit Union, Indianapolis’ Newspaper Federal Credit Union served 1,143 members and had assets of approximately $6.4 million, according to the credit union’s most recent Call Report. Chartered in 1961, Indianapolis’ Newspaper Federal Credit Union primarily served current and past employees of the Indianapolis Star and a few other select employee groups in Indianapolis, Indiana.
Indianapolis’ Newspaper Federal Credit Union is the first federally insured credit union liquidation in 2021.