HARTFORD, Conn. – The Department of Banking announced Friday it closed the troubled West Hartford CU and the one-time $8.5 million credit union was put under receivership of NCUA, which will liquidate the 58-year-old institution.
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Under the liquidation, NCUA will issue checks to about 1,200 members holding verified share accounts in the credit union within one week.
By the time the Farmington-based credit union was closed the assets had dwindled to less than $2.9 million and net worth to less than 1%.
West Hartford is the 14th federally insured credit union to be liquidated so far this year.
Separately, the FDIC announced Friday it had closed First Georgia Community Bank. The $240 million bank was the 23rd bank closed this year.
