Palisades Credit Union Assumes Loans, Assets, and Shares
(Pearl River, NY) – The National Credit Union Administration (NCUA) liquidated New York State Employees Federal Credit Union (NYSEFCU) on October 27, 2017. Palisades Credit Union immediately assumed most of New York State Employees Federal Credit Union’s assets and all member shares and loans.
The new Palisades Credit Union members should experience no interruption in services. Members’ accounts remain insured by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and 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. The Share Insurance Fund has the backing of the full faith and credit of the United States.
At the time of liquidation and subsequent purchase by Palisades Credit Union, NYSEFCU served 1,183 members and had assets of approximately $2 million, according to the Credit Union’s most recent Call Report. Chartered in 1935, NYSEFCU served New York State Employees in NYC’s five boroughs.
About Palisades Credit Union
Palisades Credit Union is a not-for-profit organization founded in 1941 with a vision of building valued relationships through a lifetime of financial solutions. It operates three branches and provides a suite of full service banking products and services including mortgage loans, auto loans, personal loans, savings accounts, money market accounts, certificates of deposit, IRAs, and no minimum balance checking accounts. Membership to Palisades Credit Union is open to anyone who lives, works, studies, volunteers, or worships in Rockland County, New York or Bergen County, New Jersey.
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