NCUA Seeks Soft Landing For US AirwaysFCU

Register now

MOON TOWNSHIP, Pa. - (09/17/04) -- The NCUA Board is expected to grantsome relief next week for beleagured US Airways FCU in the face ofthe bankruptcy of the credit union's chief corporate sponsor. TheBoard is expected to approve the conversion of the $700 millioncredit union to a community charter serving almost three millionpeople in 10 counties surrounding Pittsburgh, rivaling the agency'slargest field of membership grants. The credit union's mainsponsor, US Airways, filed for bankruptcy last week, throwing tensof thousands of jobs, and the airlines future into jeopardy. TheBoard is also expected to approve a request from PennsylvaniaCentral FCU, Harrisburg, Pa, to serve 600,000 residents in thethree counties surrounding the state capital; and from FirstCommunity FCU, Kalamazoo, Mich., to serve almost one million peoplein nine counties in the Kalamazoo area.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER