CHARLESTON, S.C. – NCUA yesterday placed tiny Port Trust FCU – which was chartered less than two years ago – into liquidation.
Processing Content
Port Trust FCU, which opened in 2006, had less than $500,000 in assets, a loss of $6,800 at mid-year, and capital of about 1%.
NCUA made the decision to liquidate Port Trust Federal Credit Union and discontinue its independent operations after determining that the credit union is insolvent. It has no prospects for restoring viable operations, the regulator said.
The tiny credit union start-up served 265 members within Charleston and North Charleston communities.
