Accounts Remain Protected by Share Insurance Fund; Member Services Uninterrupted
ALEXANDRIA, Va. (Sept. 30, 2022) – The National Credit Union Administration today liquidated Paducah Teachers Federal Credit Union in Paducah, Kentucky.
C-Plant Federal Credit Union of Paducah, Kentucky immediately purchased some assets and assumed most of Paducah Teachers Federal Credit Union’s share accounts. C-Plant Federal Credit Union is a federally insured credit union with 15,798 members and assets of $278.91 million, according to the credit union’s most recent Call Report.
The new C-Plant Federal Credit Union members will experience no interruption in services and their accounts remain federally insured by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at Paducah Teachers Federal Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured 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 C-Plant Federal Credit Union at 270.450.1050, 9 a.m.-5 p.m. Eastern, Monday through Friday, and at 877.273.3488 after hours. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage section of the NCUA’s MyCreditUnion.gov (opens new window) consumer website.
NCUA made the decision to liquidate Paducah Teachers Federal Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations. At the time of liquidation, Paducah Teachers Federal Credit union served 1,187 members and had assets of approximately $12.08 million, according to the credit union’s most recent Call Report. Paducah Teachers Federal Credit Union served employees of the Paducah Board of Education who work in Paducah, Kentucky; spouses of persons who died while within the field of membership of this credit union; persons retired as pensioners or annuitants from the above employment; employees of this credit union; members of employees’ immediate families; and organizations of such persons.
Paducah Teachers Federal Credit Union is the second federally insured credit union liquidation in 2022.