N&W Poca Division Federal Credit Union Closes (13th Credit Union failure of the year)

Source: National Credit Union Administration

October 6, 2008, Alexandria, Va. -- The National Credit Union Administration (NCUA) placed N&W Poca Division Federal Credit Union of Bluefield, West Virginia, into liquidation October 3, 2008.

The NCUA Asset Management and Assistance Center will issue checks to individuals once they have verified the balances in share accounts in the N&W Poca Division Federal Credit Union. Through the NCUA National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.

NCUA made the decision to liquidate N&W Poca Division Federal Credit Union and discontinue its independent operations after determining that the credit union is insolvent. It has no prospects for restoring viable operations. At the time of liquidation, the credit union served 1,194 members and had assets of approximately $6 million. This is the 13th federally insured credit union to close in 2008.

NCUA chartered N&W Poca Division Federal Credit Union in 1968 to serve employees of the Norfolk and Western Railway System who work in Mercer, McDowell, and Mingo Counties in West Virginia, and Tazewell, Buchanan, Russell, and Wise Counties in Virginia.

Read more: http://www.ncua.gov/news/press_releases/2008/MR08-1006.htm

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Credit Unions are not necessarily safer just because they're Credit Unions. If you are a member of one (or thinking of joining one), find out what they've invested their money in. Also, you can check this website for ratings of banks and credit unions across the country:

http://www.bankrate.com/brm/safesound/ss_home.asp

i checked ours out and seems ok.

Bank Rate system. What does that say, if anything, about it?

If you have any concerns, you might want to call them and ask them how much of their deposits are invested in mortgages.