CHARLESTON, S.C. – NCUA on Friday said it sold off the remnants of failed credit union start-up Port Trust FCU, which it had liquidated just two days earlier.
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The member accounts of the two-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.
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.
