ALEXANDRIA, Va. (10/1/14)--Republic Hose Employees FCU of Youngstown, Ohio, has been liquidated by the National Credit Union Administration, the agency announced Tuesday.
According to the NCUA, the decision was made to liquidate the credit union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Republic Hose Employees FCU served 455 members and had assets of $581,487, according to its most recent call report. It was chartered in 1940 and served the employees of Republic Hose Manufacturing Corp., Youngstown Steel Door Co. and their immediate family members.
Member deposits are federally insured by the National Credit Union Share Insurance Fund. The NCUA's Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union.
Republic Hose Employees FCU is the eighth federally insured credit union liquidation in 2014.