ALEXANDRIA, Va.—NCUA Thursday liquidated SWC Credit Union located in Tampa, Florida.
The Florida Office of Financial Regulation had placed SWC into conservatorship and named NCUA as the agent for the conservator. NCUA made the decision to liquidate the tiny $1.9-million SWC and discontinue its operations after determining the credit union was unable to restore viable operations. Call Report data shows SWC lost money each of the last four years: dropping $52,717 in 2011, $55,862 in 2012, 38,526 the following year and $38,396 in 2014. SWC also had lost $19,494 through June, while capital stood at 35.48%.
SWC Credit Union had 309 members. Chartered in 1941, the CU served employees and various concessionaires of Sears, Roebuck & Company and their families in the Florida counties of Hillsborough, Pinellas, Pasco, Manatee, Sarasota and Polk.
SWC is the sixth federally insured credit union liquidation in 2015. Two CUs were also conserved Friday, Sept. 18—$13-million Bethex FCU, Bronx, N.Y., and $178.5-million Montauk Credit Union in New York.