GLASSPORT, Penn. –NCUA has liquidated the $5.3-million Copper & Glass Federal Credit Union in Glassport, Penn., after determining the institution was insolvent and had no prospect of restoring viable operations.
C&GFCU’s year-end 5300 shows a loss of $3.5 million, with net worth at a whopping 53.77%.
The agency said $176.8-million OMEGA Federal Credit Union in Wexford, Penn., immediately assumed the failed credit union’s assets, member shares and loans.
OMEGA Federal Credit Union has 15,290 members.
The NCUA said members of Copper & Glass will experience no interruption in service following the transition. Accounts remain insured by the National Credit Union Share Insurance Fund.
At the time of liquidation and purchase, Copper & Glass Federal Credit Union served 1,225 members and had approximately $5.3 million in assets, according to its most recent call report.
Chartered in 1938, C&GFCU served members of multiple occupational and associational groups, as well as individuals who live, work, worship or attend school in Allegheny County, Pennsylvania.
