ALEXANDRIA, Va. (8/31/15)--Community 1st CU, Ottumwa, Iowa, has assumed most of SCICAP CU’s members, assets and loans.
The Iowa Credit Union Division Friday was granted authority by the District Court to place SCICAP CU, Chariton, Iowa, into receivership and then tendered the receivership to the National Credit Union Administration.
Community 1st CU is a federally insured, state-chartered credit union serving 53,681 members, according to the NCUA.
SCICAP is the sixth federally insured credit union liquidation in 2015.
The new Community 1st CU members should experience no interruption in services, and their accounts will remain insured by the National Credit Union Share Insurance Fund.
Chartered in 1968, SCICAP CU served employees of SCICAP, Inc.; Decatur County; Decatur County Hospital; City of Leon; Westview Corporation; Wayne County; Mosaic, a non-profit human services organization; Southern Iowa Resources for Families, Inc.; Community Health Care Centers of Southern Iowa; and members of the Central Decatur Employee Association.