Pennsylvania regulators have shut down Security Credit Union of Philadelphia and turned over its $116,000 of assets to the National Credit Union Administration for liquidation.

The Pennsylvania Department of Banking last week closed the institution, which had just 215 members and offered only savings accounts and small consumer loans, citing unsafe and unsound financial conditions.

Security, founded in 1976, is the third credit union to be shut down this year. In January the NCUA shuttered credit unions in North Carolina and North Dakota for poor underwriting standards.

Each had fewer than 500 members and less than $800,000 of assets.

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