MANHATTAN BEACH, Calif. NCUA said this afternoon that Kinecta FCU has acquired the remnants of I.C.E. FCU, a one-time $7 million Inglewood-based credit union that failed last week.
Processing Content
Through a purchase and assumption agreement with NCUA, Kinecta acquired the assets, shares and membership for the credit union, which serves Inglewood city employees. The credit union has a single branch inside Inglewood City Hall.
Kinecta has more than 242,000 members and$3.2 billion of assets.
NCUA liquidated I.C.E. Federal Credit Union March 15 and discontinued its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
