by STAFF WRITER Published February 15, 2011 Credit Unions Online
NCUA has placed Family First Federal Credit Union of Orem, Utah, into liquidation and Security Service Federal Credit Union of San Antonio, Texas, purchased and assumed Family First Federal Credit Union’s assets, liabilities and members.
The new Security Service Federal Credit Union members will experience no interruption in credit union service, and their accounts remain federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). Security Service Federal Credit Union is a full-service institution with $6 billion in assets and 800,000 members.
NCUA assumed control of operations at Family First Federal Credit Union on July 30, 2010, with a goal of continuing credit union service to the members at a safe, sound credit union.
At closure, Family First Federal Credit Union had approximately $119 million in assets and served 18,000 members. The credit union was established in 1947 to serve employees of the Geneva Steel Company. This is the 2nd federally insured credit union liquidation in 2011.