NEW LONDON, Conn. – NCUA yesterday closed and liquidated New London Security FCU, a $12.7 million credit union that holds almost no loans.
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The credit union, chartered in 1936, had a $5,000 mid-year loss and just $234,000 worth of loans. At the same time it was holding $12.1 million of investments.
NCUA said the credit union is insolvent and has no prospects of restoring viable operations.
At the time of the liquidation, New London Security was holding more than 17% capital and had just 365 members.
