ALEXANDRIA, Va. (9/25/15)--SWC CU of Tampa, Fla., with 309 members and assets of $1.9 million according to its latest call report, has been closed by the National Credit Union Administration, the agency announced late Thursday.

The NCUA action followed an earlier one by the state regulator. The Florida Office of Financial Regulation had placed SWC into conservatorship and named the NCUA as the agent for the conservator.

The NCUA made the decision to liquidate SWC and discontinue its operations, the agency noted in a release, after determining the credit union was unable to restore viable operations.

SWC is the sixth federally insured credit union liquidation in 2015.

SWC CU was chartered in 1941 and it served employees and various concessionaires of Sears, Roebuck & Company and their families in Hillsborough, Pinellas, Pasco, Manatee, Sarasota and Polk counties.

The NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to the credit union's former members who hold verified share accounts.  Member deposits are federally insured by the National Credit Union Share Insurance Fund, and backed by the full faith and credit of the federal government. Individual accounts are covered up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The share insurance fund separately protects IRA and KEOGH retirement accounts up to $250,000.

Credit union members with additional questions about their insurance coverage may contact the assistance center toll-free at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m. (ET) or visit MyCreditUnion.gov.