ALEXANDRIA, Va. (5/4/15)--TLC FCU, Tillamook, Ore. has been liquidated by the National Credit Union Administration, the agency announced last week. Fibre FCU, Longview, Wash., has assumed TRLC FCU’s members, share, loans and certain other liabilities and assets.
NCUA made the decision to liquidate TLC and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own. NCUA’s Asset Management and Assistance Center will take charge of certain assets of the closed credit union.
At the time of liquidation and subsequent purchase by Fibre FCU, TLC served 13,375 members and had assets of approximately $109 million, according to the credit union’s most recent call report.
The new Fibre members will experience no interruption in services, and the former TLC branches will remain open. Accounts of the new Fibre FCU members remain insured by the National Credit Union Share Insurance Fund.
According to the NCUA, TLC FCU is the third federally insured credit union liquidation in 2015.