The National Credit Union Administration liquidated New York State Employees Federal Credit Union of New York, New York, the agency announced today.
Pearl River, N.Y.-based Palisades Federal Credit Union assumed most of the closing CU’s assets and all members, shares and loans. Members' deposits remain protected by the National Credit Union Share Insurance fund up to $250,000.
New York State Employees FCU lost more than $93,000 during the first two quarters of 2017, according to NCUA call report data, following losses of $126,000 in 2016 and a net income of $21,000 in 2015.
Palisades FCU serves 13,832 members with nearly $200 million in assets. When it was liquidated and purchased by Palisades FCU, New York State Employees FCU served 1,183 members and had assets of $2 million.
The NCUA decided to liquidate New York State Employees FCU and discontinue its operations after determining the CU was insolvent with no prospect for restoring operations on its own.
New York State Employees FCU is the fourth federally insured CU liquidation in 2017.
