NEW CASTLE, Penn.-NCUA liquidated Lawrence County School Employees FCU and assigned the remnants of the one-time $6 million credit union to $22 million First Choice FCU in a purchase and assumption agreement.
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Authorities have launched an investigation into the failure of LCSEFCU, which lost a whopping $3.4 million in the fourth quarter and had negative net worth of $2.4 million. Just a week before the board of the tiny CU, now just $2.6 million, issued an extraordinary order limiting member withdrawals in order to preserve cash. The liquidation follows the failure of Mutual Diversified FCU in Santa Ana, Calif., and Friendship Community FCU in Clarksville, Miss., a few days before.
