Credit Unions Online

NYC OTB Federal Credit Union Closed Due to Insolvency

NYC OTB Federal Credit Union Closed Due to Insolvency by STAFF WRITER
Published February 23, 2011
Credit Unions Online
Share This
Follow Us
NYC OTB Federal Credit Union, located in New York, New York, was closed when NCUA placed the credit union into liquidation. This is the third federally insured credit union liquidation in 2011. NCUA made the decision to close NYC OTB Federal Credit Union and discontinue its operation after determining the credit union is insolvent and has no prospects for restoring viable operations. NYC OTB Federal Credit Union’s sponsor closing and the credit union’s subsequent declining financial condition led to the closure. At the time of the liquidation, the $1,456,884 credit union, chartered in 1972, served 868 members of the New York City Off-Track Betting Corporation in New York City. NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in NYC OTB Federal Credit Union within one week. Member accounts are insured up to $250,000, with coverage provided by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the U.S. Government. Members with questions about their insurance coverage can contact NCUA’s Share Insurance Call center at 1-800-755-1030, Press 1, Monday through Friday during normal business hours.

Financial Calculators

comments powered by Disqus
Previous Story:
NCUA Assumes Control of Greensburg Community Federal Credit Union
Next Story:
Considering a Used Vehicle? Don't Rely on CARFAX Reports Alone

Blog
Credit Union Seminars Schooling Members During the SummerCredit Union Seminars Schooling Members During the Summer
This is Why You Are BrokeThis is Why You Are Broke
Little Baby, Big BucksLittle Baby, Big Bucks
How to Get the Best Deal On Your MortgageHow to Get the Best Deal On Your Mortgage
Credit Unions Helping Members Keep the FUN in SummerCredit Unions Helping Members Keep the FUN in Summer
How to Bounce Your Boomerang Young Adult from HomeHow to Bounce Your Boomerang Young Adult from Home
Calculators

|   Home   |   Find a Credit Union   |   Blog   |   Holiday Closings   |   Top 100 Credit Unions   |   Calculators   |

Share This
Share Facebook Share Twitter Share Google Plus
Follow Us
Follow Facebook Follow Twitter Follow RSS Feed Follow email

Privacy Policy   About Us   © 1995-2014, All Rights Reserved.