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NCUA Liquidates 15th Credit Union in 2010

NCUA Liquidates 15th Credit Union in 2010

NCUA began liquidation of Industries Puerto Rico Federal Credit Union of Manati, Puerto Rico on September 13, 2010, and accepted Borinquen Community Federal Credit Union’s offer to purchase and assume the credit union.

Borinquen Community Federal Credit Union purchased and assumed Industries Puerto Rico Federal Credit Union’s assets, loans and shares, enabling Industries Puerto Rico members to continue to receive uninterrupted credit union service. Industries Puerto Rico Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by Borinquen Community Federal Credit Union. At closure, Industries Puerto Rico Federal Credit Union had $3,655,725 in assets and served 1,956 members. Borinquen Community Federal Credit Union is a full service credit union and its new members will have access to a broad array of financial services.

Borinquen Community Federal Credit Union serves persons who live, work, worship, or attend school in and businesses and other legal entities located in Aguadilla Municipio (County), Puerto Rico. With assets of $16,375,442, Borinquen Community Federal Credit Union serves approximately 3,453 members located in Aguadilla Municipio, Puerto Rico. Borinquen Community Federal Credit Union maintains a main office in Aguadilla, Puerto Rico. 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 15th federally insured credit union liquidation in 2010.

by Staff Writer
Published September 13, 2010
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