Media Contact:
John McKechnie
Phone: (703) 518-6331
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email: jmckechnie@ncua.gov

TEXDOT-WF Credit Union Closes; Members Now Served by Postel Family Credit Union

October 3, 2008, Alexandria, Va. -- The National Credit Union Administration (NCUA) announces today that Postel Family Credit Union, of Wichita Falls, Texas, has purchased the assets and assumed member shares of the recently liquidated TEXDOT-WF Credit Union of Wichita Falls, Texas. 

These new Postel Family Credit Union members will continue to receive convenient, uninterrupted service. Postel Family Credit Union member accounts are insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an entity of the federal government operated by NCUA. Certain retirement accounts, such as IRA and KEOGH accounts, are also insured up to $250,000.

Postel Family Credit Union is a state-chartered, federally insured institution headquartered in Wichita Falls, Texas. Chartered in 1929 to serve United States Postal Service employees, it is a full service, $50 million credit union with more than 6,100 members located throughout the United States. 

The Texas Credit Union Department made the decision to liquidate TEXDOT-WF Credit Union as of September 30, 2008, and discontinue its independent operation after determining the credit union was insolvent and has no prospects for restoring viable operations. At the time of liquidation, TEXDOT-WF Credit Union had approximately $1.8 million in assets and served 530 members. This is the 12th federally insured credit union closure of 2008.

The Texas Credit Union Department chartered TEXDOT-WF Credit Union in 1953 to serve employees of the Texas Department of Transportation. Over time, the field of membership expanded to include numerous select employee groups. TEXDOT-WF Credit Union is the 12th federally insured credit union closure that has taken place in 2008.

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 (NCUSIF), insuring the savings of 89 million members in all federal credit unions and most state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars. 

- NCUA -