Texas CU Is Year’s 26th Failure

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PAMPA, Texas – NCUA yesterday shut down Phil-Pet FCU and assigned the remnants of the failed $4 million credit union to Pantex FCU, a $215 million credit union in nearby Borger, Texas.

NCUA made the decision to close Phil-Pet Federal Credit Union and discontinue its operation after determining the credit union is insolvent.

The 70-year-old credit union, which had less than 1% net worth at mid year, is the 26th credit union failure of 2010.

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