PHILADELPHIA – NCUA on Friday took over Free Choice FCU and sold the remnants of the failed credit union to Trumark Financial CU.
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Free Choice, a one-time $500,000 credit union chartered in 1955, had less than $350,000 in assets and 400 members and negative net worth at mid-year.
Through the first eight months of the year there were 12 credit union failures, including five liquidations and seven assisted mergers. That does not count the conservatorships of U.S. Central FCU and WesCorp FCU.
