ALEXANDRIA, Va. (8/6/08)--The National Credit Union Administration (NCUA) said yesterday it placed the Port Trust FCU of Charleston, S.C. into liquidation.
NCUA in a release said it made the decision to liquidate the credit union and discontinue its independent operations after determining that "the credit union is insolvent" and had "no prospects for restoring viable operations."
At the time of liquidation, the credit union served 260 members and had assets of approximately $460,915.
NCUA chartered Port Trust FCU in 2006 to serve persons who live, work, worship, attend school in, and businesses and other legal entities located in a community within Charleston and North Charleston, S.C.
NCUA will issue checks to individuals holding verified share accounts in the credit union within one week.
courtesy of cuna.org