The National Credit Union Administration on Friday liquidated CBS Employees Federal Credit Union, Studio City, Calif., with Los Angeles-based University Credit Union immediately assuming all of the failed institution’s assets, loans and shares.
The federal credit union regulator said it discontinued the credit union’s operations after determining CBS Employees FCU was “insolvent with no prospect of restoring viable operations on its own.”
At the time of liquidation, the credit union had 2,798 members and $21 million in assets, according to its most recent call report.
CBS Employees FCU was chartered in 1961 to provide financial services to employees of CBS, Inc., Mary Tyler Moore Productions and others who worked in Studio City.
University Credit Union is a federally insured, state-chartered credit union. Before it purchased and assumed CBS Employees, UCU served 37,057 members and had assets of $654 million, according to its most recent call report.
“We are excited to welcome CBSEFCU members to the University Credit Union family. We are always focused on the best member experience and providing the much-needed financial edge.” Dr. David Tuyo, DBA, president and CEO of University Credit Union, said in a statement. “We look forward to offering our newest members unparalleled value through our innovative products and services.”
A full integration is scheduled to be completed by May 1 and all CBSEFCU employees and branch locations are expected to be retained.
Similarly, a New York-based credit union originally chartered to serve television and radio employees was
