Majority of share accounts from Paducah Teachers FCU will be assumed by neighboring federal credit union.
The National Credit Union Administration late Friday liquidated Paducah Teachers Federal Credit Union in Paducah, Kentucky.
It is the second federally insured credit union to be liquidated this year.
C-Plant Federal Credit Union, also of Paducah, Kentucky, has purchased some assets and assumed most of Paducah Teachers Federal Credit Union’s share accounts. C-Plant FCU is a federally insured credit union; according to its most recent Call Report, it has 15,798 members and assets of $278.91 million.
Reasons for the Liquidation
The NCUA decided to liquidate Paducah Teachers FCU and fold its operations after determining that the credit union was insolvent and had no chance of restoring viable operations.
At the time of liquidation, the credit union served 1,187 members and had assets of about $12.08 million, according to its most recent Call Report.
Paducah Teachers FCU served employees of the Paducah Board of Education who work in Paducah, Kentucky; spouses of persons who died while within the credit union’s field of membership; employees of the credit union; and members of employees’ immediate families.
