2 Southern California credit unions fail; deposits to be refunded
Two small Southern California credit unions have been shut down by federal regulators, who said they would return deposits to members.
Pepsi Cola Federal Credit Union of Buena Park and ICE Federal Credit Union of Inglewood were insolvent, with no prospects for restoring viable operations, the National Credit Union Administration said Friday in news releases.
Deposits are federally insured up to $250,000. National Credit Union Administration officials said that no deposits were uninsured and that the agency would send letters to affected individuals within a week.
Members with questions may call a toll-free assistance number, (800) 755-1030, Monday through Friday between 5 a.m. and 2 p.m. Pacific time. A website, MyCreditUnion.gov, also provides information about insurance coverage.
Pepsi Cola Federal, chartered in 1956, served 558 members and had $652,000 in assets, according to its most recent financial report to regulators.
ICE Federal, chartered in 1939, served Inglewood city employees and their families. It had 942 members and assets of $3.4 million.
They are among four federally insured credit unions to be liquidated this year.
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