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NCUA liquidates 6 federal credit unions in Philadelphia area

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NCUA liquidates 6 federal credit unions in Philadelphia area

The National Credit Union Administration on April 5 liquidatedsix federal credit unions in the Philadelphia area after determining they were insolventand had no prospect for restoring viable operations.

The credit unions closed were Bensalem, Pa.-based ,which served 83 members and had $226,485 in assets; Chester, Pa.-based ,which served 593 members and had $827,269 in assets; Bensalem-based , which served44 members and had $65,894 in assets; Bensalem-based OPS Employees Federal Credit Union, which served 85 membersand had about $1.2 million in assets; Bensalem-based Servco Federal Credit Union which served 795 members andhad about $2.2 million in assets; and Bensalem-based Triangle Interests Federal Credit Union, which served 99members and had $290,098 in assets.

All six credit unions received management and recordkeeping servicesfrom Service Center for Credit Unions Inc. in Bensalem, according to an NCUA newsrelease. NCUA records list Joni Brown as the CEO/managerfor all six. Brown is also the head of Service Center for Credit Unions. No representativefrom the firm was immediately available to comment.

There have now been 10 federally insured credit union liquidationsin 2016.