GLASSPORT, Pa.—NCUA said it has liquidated Copper & Glass FCU here, with OMEGA Federal Credit Union in Wexford, Pa., immediately assuming the failed institution’s assets, member shares and loans.
The agency said the action followed a determination that Copper & Glass was insolvent and had no prospect of restoring viable operations.
According to the agency, Copper & Glass served 1,225 members and had approximately $5.3 million in assets at the time of liquidation. OMEGA, a federally chartered credit union, had 15,290 members and $176.8 million in assets, based on its most recent Call Report, NCUA said. Copper & Glass, chartered in 1938, served multiple occupational and associational groups as well as people who live, work, worship or attend school in Allegheny County, Pa.