NCUA announced on Friday the liquidation of the Queens-based Melrose CU. Teacher’s FCU, based in Hauppauge, assumed all of Melrose CU’s members and shares, as well as some loans and other assets.
Teachers FCU serves approximately 300,500 members and has assets of nearly $6.1 billion. New Teachers FCU members should experience no interruption in services, and their accounts remain federally insured up to $250,000 by the National Credit Union Share Insurance Fund.
Teachers FCU has posted information for its members on its website, and members with questions can contact the credit union at (631) 698-7000 between 8 a.m. and 5 p.m. on Mondays, Tuesdays, Wednesdays, and Saturdays; and between 8 a.m. and 6 p.m. on Thursdays and Fridays.
NCUA made the decision to liquidate Melrose and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations. The state Department of Financial Services placed Melrose CU into conservatorship on Feb. 10, 2017, and named NCUA as conservator.
At the time of liquidation and subsequent purchase by Teachers FCU, Melrose CU served 19,864 members and had assets of approximately $1.1 billion.
Melrose CU is the fifth federally insured credit union to be liquidated this year.