NYC OTB Federal Credit Union Closed Due to Insolvency
by STAFF WRITER Published February 23, 2011 Credit Unions Online
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.