Media Release

New London Security FCU Closes 

July 28, 2008, Alexandria, Va. -- The National Credit Union Administration (NCUA) announces that the agency placed New London Security Federal Credit Union of New London, Connecticut, into liquidation today.

NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the New London Security Federal Credit Union.  Through NCUA’s National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $100,000 per account.

NCUA made the decision to liquidate New London Security 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, chartered in 1936, served 365 residents of the New London, Connecticut area, and had reported assets of $12.7 million.

The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund, insuring the savings of nearly 87 million members in all federal credit unions and most state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.

-NCUA-