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NCUA liquidates $1.1B-asset Melrose CU

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NCUA liquidates $1.1B-asset Melrose CU

The National Credit Union Administration on Aug. 31 liquidated Melrose CU after determining the Briarwood, N.Y.-based credit union was insolvent and had no prospect for restoring viable operations, according to a press release from the regulator.

Melrose CU's members and shares as well as some loans and other assets were assumed by Hauppauge, N.Y.-based Teachers FCU, which serves 300,541 members and has almost $6.1 billion in assets.

Melrose CU's existing office at 13930 Queens Blvd. in Briarwood will remain open.

In February 2017, the New York State Department of Financial Services placed Melrose CU into conservatorship and named the NCUA as conservator.

More recently, it was reported that the NCUA board had filed administrative charges against former Melrose CU CEO, Treasurer and Board Member Alan Kaufman.

In August, The New York Times reported that more than $20 million of loans that a New York-based bank and Melrose CU made to taxi businesses owned by Michael Cohen and his family have come under scrutiny in federal bank and tax fraud investigations into President Donald Trump's former personal lawyer.

Melrose CU, the fifth federally insured credit union liquidation in 2018, served 19,864 members and had roughly $1.1 billion in assets at the time of liquidation and subsequent purchase by Teachers FCU.