NEW YORK – NCUA yesterday shuttered NYC OTB FCU, a one-time $5 million credit union serving employees of the New York City Off-Track Betting Corp., the third credit union failure so far this year.
NCUA made the decision to close NYC OTB Federal Credit Union and discontinue its operations after determining the credit union is insolvent and has no prospects for restoring viable operations. NYC OTB’s sponsor closing and the credit union’s subsequent declining financial condition led to the closure.
The credit union lost $107,000 in 2010, had less than 1% net worth and assets of just $1.8 million by year end.
