NCUA said on Friday it liquidated the Education Associations Federal Credit Union of Washington, D.C., making it the third federally-insured credit union to be closed thus far this year.
NCUA decided to shut down Education Associations FCU after determining that the credit union was insolvent and had no prospect for restoring viable operations.
In calendar 2015, the credit union posted a net loss of $17,547, according to its latest Call Report.
With assets of about $2.6-million, Education Associations FCU served 665 members. It was chartered in 1954 and served the employees of the National Education Association, other national education organizations and their immediate family members.
Member deposits are federally insured by the National Credit Union Share Insurance Fund, which is administered by NCUA and insures individual accounts up to $250,000, and a member's interest in all joint accounts combined is insured up to $250,000.
