NCUA Liquidates N.Y. State Employees FCU
The NCUA on Oct. 27 liquidated New York State Employees Federal Credit Union.
Palisades Federal Credit Union of Pearl River, N.Y., immediately assumed most of the liquidated credit union's assets and all members, shares and loans of the New York City-based credit union.
Palisades is a federally-chartered credit union that serves 13,832 members with assets totaling nearly $200 million.
At the time of the liquidation, the state employees federal credit union had 1,183 members and assets of $2 million. It was chartered in 1935 and served various groups in New York.
The state employees credit union represents the fourth federally-insured liquidation in 2017.
New York State Employees FCU will remain open until the transition of services is completed.