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Pennsylvania credit union liquidated
The NCUA announced on Friday it had liquidated IBEW Local Union 712 Federal Credit Union in Beaver, Pennsylvania. West Penn P&P Federal Credit Union of Beaver, Pennsylvania, immediately assumed the closed credit union's assets, member shares, and loans.
IBEW Local Union 712 Federal Credit Union is the first federally insured credit union liquidated in 2020. At the time of liquidation, it served 2,935 members and had assets of approximately $7.7 million, according to its most recent Call Report.