ALEXANDRIA, Va. (9/8/14)--Community 1st CU of Ottumwa, Iowa, $505.4 million in assets, has assumed most of Louden Depot Community CU's members, assets and loans.
The Iowa Credit Union Division was granted authority by the District Court to place $5.5 million-asset Louden Depot Community CU, Fairfield, Iowa, into receivership and then tendered the receivership to the National Credit Union Administration.
Community 1st is a federally insured, state-chartered credit union with 50,946 members, according to the credit union's most recent call report.
The Iowa Credit Union Division made the decision to take over management of Louden Depot Community CU and determined the credit union was insolvent with no prospect for restoring viable operations on its own.
The new members of Community 1st should experience no interruption in service at the current Louden Depot Community Credit Union location during this transition. Accounts of the new Community 1st members remain insured by the National Credit Union Share Insurance Fund.
Louden Depot Community CU was chartered in 1954 to serve persons residing or employed within Jefferson County and the contiguous counties, former members of Meritor Employees CU, and employees of such small employee groups as approved by the Superintendent of the Iowa Credit Union Division and family members. It served 790 members, according to the credit union's most recent call report.
According to the NCUA, Louden Depot Community CU is the seventh federally insured credit union liquidation in 2014.