The National Credit Union Administration has liquidated IBEW Local 816 Federal Credit Union in Paducah, Ky.
The regulator said in a press release that it decided to close the $6.3 million-asset credit union and discontinue its operations after determining that the institution was "insolvent and had no prospect for restoring viable operations."
The credit union served roughly 930 members. It was chartered in 1954 and served members, employees and their families of the International Brotherhood of Electrical Workers, AFL-CIO, in Paducah.
IBEW Local 816 is the sixth federally insured credit union liquidation this year.
An examination of the credit unio's recent call reports does not clearly indicate trouble was brewing. In its most recent call report, IBEW Local 816 FCU reported $22,251 in net income for the first quarter. Its net worth ratio at March 31 was 10.41%, a level considered "well capitalized" by regulators.
NCUA's Asset Management and Assistance Center said it will issue correspondence in the near future to individuals holding verified share accounts in the credit union.
This article originally ran in the Credit Union Journal.