ALEXANDRIA, Va.—NCUA Friday liquidated Education Associations FCU based in Washington.
The agency made the decision to liquidate the $2.6-million credit union and discontinue operations after determining the CU was insolvent and had no prospect for restoring viable operations.
EAFCU had not made money since 2011, and lost $17,547 last year. Capital stood at 7.08% at the end of December.
Chartered in 1954, EAFCU had 665 members, serving employees of the National Education Association, other national education organizations and their immediate family members.
Education Associations Federal Credit Union is the third federally insured credit union liquidation in 2016.