ALEXANDRIA, Va. (7/20/15)--Teachers CU of South Bend, Ind., has completed a purchase and assumption of Lakeside FCU of Hammond, Ind., the NCUA announced last week.
The agency liquidated Lakeside FCU July 16 after deeming it insolvent with no prospect for restoring viable operations.
Teachers CU purchased Lakeside’s loan portfolio and assumed its former members. Lakeside FCU was the fifth federally insured credit union to be liquidated in 2015.
Originally chartered in 1931, Teachers CU is a federally insured, state-chartered credit union with 269,362 members and assets of $2.6 billion, according to the credit union’s most recent call report. Teachers serves people who live in Indiana and in Michigan’s Cass and Berrien counties.