NCUA Shutters PennsylvaniaCU

August 09, 2005, 1:00 a.m. EDT 1 Min Read

LOCK HAVEN, Pa. - (08/09/05) -- NCUA said Monday it liquidated LockHaven Area FCU and transferred its 3,300 members' accounts toHorizon FCU in nearby Williamsport, Pa. Lock Haven Area FCU had $11million and was losing money at a rapid pace. It reported a $475,00loss in the first quarter, after a $710,000 loss in 2004 and had anet worth ratio of negative 3.8%, according to Callahan &Associates. Authorities are currently investigating whether therewas wrongdoing in the demise of the credit union. Lock Haven FCUwill reopen as a branch of Horizon FCU within the next few days,and Lock Haven members will have access to the credit union at thattime.

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