Another credit union has been closed by the National Credit Union Administration (NCUA). Comunidades Federal Credit Union of Los Angeles, California, was closed on Tuesday, September 22 with assumption of a majority of accounts by Water and Power Community Credit Union of Los Angeles, California. This is the 6th federally insured credit union liquidation in 2009.
The Water and Power Community Credit Union share assumption provides a majority of Comunidades Federal Credit Union members with uninterrupted credit union service. Comunidades Federal Credit Union’s declining financial condition led to its closure. It had $658,122 in assets and served 1,141 members in Los Angeles, California.
Water and Power Community Credit Union is a full service institution. It has $482.9 million in assets and serves approximately 52,340 members in and around the state of California. Its headquarters is located at 1053 W. Sunset Blvd., Los Angeles, California, and it has 6 branch locations and offers online transaction service as well.
Member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government.
