The National Credit Union Administration (NCUA) facilitated the liquidation of an Ohio credit union, and its partial purchase and assumption by another.
Specifically, the deal involves Butler Heritage Federal Credit Union (FCU) in Middletown, Ohio, which was liquidated, and the Cincinnati Ohio Police Federal Credit Union (COPFCU), which acquired the assets.
NCUA made the decision to liquidate Butler Heritage FCU and discontinue its operations after determining insolvency was imminent. Further, it found that the credit union had no prospects for restoring viable operations.
The Cincinnati Ohio Police Federal Credit Union immediately purchased some assets and assumed Butler Heritage FCU’s share accounts. Butler Heritage FCU was subsequently liquidated. At the time of liquidation, Butler Heritage FCU served 772 members and had assets of approximately $9.7 million.
COPFCU is a federally insured credit union with more than 10,000 members and assets of $173 million.
Butler Heritage FCU members will experience no interruption in services and their accounts remain federally insured by the National Credit Union Share Insurance Fund.
The NCUA’s Share Insurance Fund insures individual accounts at Butler Heritage FCU up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Members with questions about their accounts may contact COPFCU at 513-423-2921.