NCUA Assumes Control of Greensburg Community Federal Credit Union
by STAFF WRITER Published February 17, 2011 Credit Unions Online
NCUA has assumed control of operations at Greensburg Community Federal Credit Union of Greensburg, Pennsylvania. NCUA said their goal is to continue credit union service to the members and ensure safe and sound credit union operations. Member deposits are safe and their accounts are insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund managed by NCUA and backed by the full faith and credit of the United States Government.
Service to Greensburg Community Federal Credit Union’s 983 members continues uninterrupted. Members can conduct normal financial transactions - deposit and access funds, make loan payments and use share drafts. Greensburg Community Federal Credit Union has assets of $2.2 million, providing financial services to persons who live, work, worship, or go to school in, and business and other legal entities within a radius of three miles of the U.S. Post Office in Greensburg, Pennsylvania.
The decision to conserve a credit union enables the institution to continue normal operations with expert management in place correcting previous service and operational weaknesses. This is the first federal credit union conservatorship of 2011.