US agency shuts down El Paso credit union

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A woman walks out of the El Paso's Federal Credit Union at 5900 Trowbridge on Friday.

A small El Paso credit union that for 60 years served workers of the old Asarco smelter was shut down Friday after it was found to be insolvent.

The National Credit Union Administration, an independent federal agency that supervises credit unions, said it determined that El Paso's Federal Credit Union, or EPFCU, had no chance of restoring viable operations after declining revenue.

The National Credit Union Administration said some of the credit union's accounts will be transferred to the El Paso Area Teachers Federal Credit Union. For accounts that aren't transferred, checks will be issued in a week to verified account holders. Deposits were federally insured up to $250,000.

EPFCU, originally named the El Paso Smelter

Federal Credit Union, had 1,035 members and about $5 million in deposits. The credit union was founded in 1952.

The small credit union had struggled in recent months. National Credit Union Administration data showed the credit union went from $6.4 million in assets on Sept. 30, 2011, to $5 million on June 30. The credit union had posted three straight quarterly losses totaling about $187,000.

For more information, credit union members may call the National Credit Union Administration consumer hot line at 800-755-1030 from 6 a.m. to 3 p.m. Monday through Friday.

More information is online at MyCreditUnion.gov

Daniel Borunda may be reached at dborunda@elpasotimes.com; 546-6102. Follow him on Twitter @BorundaDaniel

Source: http://www.elpasotimes.com/ci_21657886/us-agency-shuts-down-el-paso-credit-union?source=rss_viewed

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