CHARLESTON, S.C. - NCUA sold off the remnants of the failed credit union start-up Port Trust FCU it had liquidated two weeks ago.
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The member accounts of the 2-year-old credit union, just 265 in total, were sold in a purchase and assumption agreement to CPM FCU, a nearby $178-million credit union.
Port trust FCU, chartered in 2006, had just $460,000 in assets and 1.1% net worth.
The so-called P&A will give members of the tiny credit union access to continued credit union service.
The new CPM members are guaranteed full member-owner rights and can access their funds at any CPM office location.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
