TAMPA, Fla. – NCUA late Thursday liquidated tiny SWC Credit Union, here.
SWC CU is the sixth federally insured credit union liquidation in 2015.
The Florida Office of Financial Regulation had placed SWC into conservatorship and named NCUA as the agent for the conservator. NCUA said it made the decision to liquidate SWC and discontinue its operations after determining the credit union was “unable to restore viable operations.”
SWC Credit Union had 309 members and assets of just $1.9 million, according to the credit union’s most recent Call Report.
NCUA’s Asset Management and Assistance Center said it will issue correspondence in the near future to individuals holding verified share accounts in the credit union.
Chartered in 1941, SWC Credit Union served employees and various concessionaires of Sears, Roebuck & Company and their families in Hillsborough, Pinellas, Pasco, Manatee, Sarasota and Polk counties.
