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NCUA liquidates New York City-based credit union

The National Credit Union Administration has liquidated Staten Island, N.Y.-based Radio Television & Communication FCU.

Pearl River, N.Y.-based Palisades FCU assumed most of Radio, Television & Communication FCU's assets and all of its members, shares and loans.

At the time of liquidation, Radio, Television & Communication FCU served 416 members and had assets of $3 million, according to its most recent call report. The credit union was chartered in 1964 and served various groups in New York.

The NCUA said it liquidated the credit union after determining it was insolvent with no prospect for restoring viable operations on its own. It is the seventh federally insured credit union liquidation in 2018.

The NCUA liquidated another New York City-based institution, Lomto FCU, in early October.

A year ago, Palisades FCU assumed the assets of New York State Employees FCU after it was liquidated by the NCUA.