ALEXANDRIA, Va. NCUA said this afternoon it shuttered California’s tiny Pepsi Cola FCU, the second California credit union failure of the day and fourth failure overall for 2013.
Processing Content
The credit union, which had just 558 members and served employees of the Pepsi Cola Bottling Company in Buena Park, Calif., for 57 years, never had more than $1.4 million in assets and had just $652,000 at closure.
NCUA made the decision to liquidate Pepsi Cola FCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
The failure follows this morning’s shuttering of I.C.E FCU, a $3.4 million Inglewood, Calif., credit union.
