The National Credit Union Administration (NCUA) announced Tuesday it has liquidated six federal credit unions in the Philadelphia, area.
All six credit unions received management and recordkeeping services from the same firm: Service Center for Credit Unions Inc. of Bensalem, Pa.
NCUA explained that it decided to liquidate the six federal credit unions and discontinue operations after determining they "were insolvent and had no prospect for restoring viable operations."
With the closure of these six credit unions, a total of 10 federally insured credit unions have been liquidated thus far in 2016.
The six institutions are: Cardozo Lodge Federal Credit Union ($226,485 in assets; 83 members; based in Bensalem, Pa.); Chester Upland School Employees Federal Credit Union ($827,259; 593 members; Chester, Pa.); Electrical Inspectors Federal Credit Union ($65,894; 44 members; Bensalem); O P S EMP Federal Credit Union ($1.1-million; 85 members; Bensalem); Servco Federal Credit Union ($2.2-million; 795 members; Bensalem); and Triangle Interests % Service Center Federal Credit Union ($290,098; 99 members; Bensalem).
NCUA said it could not further comment on the liquidations or on the management company.
A man answering the phone at SCCU said the firm would not comment on the matter under strict directions from NCUA. According to its website, the company listed at least two dozen credit unions as "satisfied" clients, including five of the six institutions that are being liquidated.
NCUA assured that member deposits at each of the closed credit unions are federally insured by the National Credit Union Share Insurance Fund, which is administered by NCUA and insures individual accounts up to $250,000.
NCUA's Asset Management and Assistance Center will issue correspondence in the near future to members holding verified share accounts at each credit union.
Chartered in 1960, Cardozo Lodge FCU primarily served regular members of the Cardozo Lodge No. 400, Independent Order Brith Sholom, in Philadelphia and employees of Rovner, Allen, Rovner, Zimmerman and Nash who work in Feasterville, Pa.
Chartered in 1939, Chester Upland School Employees FCU primarily served employees of the Chester Upland School District in Chester City, Chester Township and Upland Borough in Delaware County, Pa.
Chartered in 1976, Electrical Inspectors FCU primarily served active and associate members of the Eastern Pennsylvania Chapter, Eastern Section, International Association of Electrical Inspectors in Philadelphia and employees of Municipal Inspection Corp. who work in Philadelphia.
Chartered in 1968, O P S EMP FCU primarily served employees of O.P. Schuman & Sons, Inc. who work in Warrington, Pa.
Chartered in 1950, Servco FCU served various groups in Delaware, New Jersey, New York and Pennsylvania.
Chartered in 1995, Triangle Interests % Service Center F CU primarily served natural person members of Triangle Interests headquartered in Philadelphia.
