ALEXANDRIA, Va.–NCUA Tuesday liquidated six federal credit unions in the Philadelphia area that were all led by the same CEO.
According to NCUA data, Joni Brown led all of the tiny shops. NCUA also reported that all six credit unions received management and recordkeeping services from Service Center for Credit Unions, Inc., in Bensalem.
Liquidated were:
- Cardozo Lodge Federal Credit Union of Bensalem, with $226,000 in assets.
- Chester Upland School Employees Federal Credit Union of Chester, with $827,000 in assets
- Electrical Inspectors Federal Credit Union of Bensalem, with $65,000 in assets.
- O P S EMP Federal Credit Union of Bensalem, with $1.18 million in assets.
- Servco Federal Credit Union of Bensalem, with $2.1 million in assets.
- Triangle Interests % Service Center Federal Credit Union of Bensalem, with $290,000 in assets.
NCUA said members at all of the closed CUs will be reimbursed for deposits up to $250,000 by the NCUSIF.