The National Credit Union Administration has liquidated Radio, Television and Communication Federal Credit Union of Staten Island, N.Y.
Palisades Federal Credit Union of Pearl River, N.Y., immediately assumed most of Radio, Television and Communication FCU’s assets and all members, shares and loans, NCUA said Friday. The shuttered institution had $3 million of assets and served 416 members.
NCUA said in a press release that it determined the credit union was “insolvent with no prospect for restoring viable operations on its own.” The agency added that the accounts of the closed institution remain insured by the National Credit Union Share Insurance Fund.
Radio, Television and Communication FCU was chartered in 1964 and served members of Radio and Television Broadcast Engineers Local 1212; International Brotherhood of Electrical Workers, AFL-CIO, in New York; and employees of USA Networks, who work in New York City, according to a press release from Palisades FCU. It lost about $74,000 in the first half of 2018, versus a net loss of about $201,000 for the same period in the prior year.
The $192 million-asset Palisades FCU incurred a net loss of about $1.2 million in the first half of the year, compared with a loss of about $25,000 for the same period in 2017.
Radio, Television and Communication FCU is the seventh federally insured credit union to be liquidated so far this year.
