Members of West Texas Credit Union of El Paso, Texas and The Members’ Own Federal Credit Union of Victorville, California are now being serviced by other credit unions after both credit unions' failure.

West Texas Credit Union

The Texas Credit Union Department liquidated West Texas Credit Union September 30, 2009, and discontinued its operation after determining the credit union was insolvent and has no prospects for restoring viable operations. At the time of liquidation, West Texas Credit Union had approximately $78 million in assets and served 25,000 members.

The Texas Credit Union Department chartered West Texas Credit Union in 1964 to serve State Employees in the West Texas Area. This is the 11th federally insured credit union liquidation in 2009.

These new Security Service Federal Credit Union members will continue to receive convenient, uninterrupted service. Security Service Federal Credit Union member accounts are insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an entity of the federal government operated by NCUA.

The Members’ Own Federal Credit Union

The National Credit Union Administration (NCUA) liquidated The Members’ Own Federal Credit Union of Victorville, California, and accepted Alaska USA Federal Credit Union’s offer to purchase and assume the credit union.

Alaska USA Federal Credit Union purchased and assumed The Members’ Own Federal Credit Union’s assets, loans and shares, enabling The Members’ Own members to continue to receive uninterrupted credit union service. The Members’ Own Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by Alaska USA Federal Credit Union. The Members’ Own Federal Credit Union had $85 million in assets and served 11,000 members.

Alaska USA Federal Credit Union is a full service credit union and its new members will have access to a broad array of financial services offered throughout the United States. With assets of $4.1 billion, Alaska USA FCU serves approximately 375,000 members located throughout the country. Alaska USA has 56 branch locations in Alaska, California, and Washington and also serves its members through over 5,600 shared service locations nationwide.

NCUA announced that Security Service Federal Credit Union, of San Antonio, Texas, has purchased the assets and assumed the member shares of liquidated West Texas Credit Union of El Paso, Texas.

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. This is the 10th federally insured credit union liquidation in 2009.