State Orders Closure and Liquidation of Watts United Credit Union
(San Francisco, CA) – The California Department of Financial Institutions (DFI) today announced the closure and liquidation of Watts United Credit Union, Los Angeles, citing insolvency.
As of June 30, 2009, Watts United Credit Union had assets of approximately $800,000 and about 1,000 member share accounts.
Immediately following the closure, DFI appointed the National Credit Union Administration (NCUA) as Liquidating Agent.
The NCUA will issue checks to Watts United Credit Union members for verified funds in their share accounts. Credit Union members’ deposits are federally insured up to $250,000 per account by the NCUA National Credit Union Share Insurance Fund (NCUSIF).
The NCUA will announce their acceptance as Liquidating Agent of Watts United Credit Union in a press release, which will be available on their Web site at www.ncua.gov.
Watts United Credit Union was originally chartered in 1966. This is the first state-chartered credit union closed by DFI in 2009.
DFI supervises about 700 state financial institutions. Maintaining the integrity of financial services remains the primary mission of the Department. The DFI is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers’ checks and payment instruments (money orders), and money transmitters. In addition to posting information about licensees, the DFI Web site features consumer information on a variety of financial topics and DFI consumer brochures available in seven languages.
The Department reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.
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