Media Contact:
John McKechnie
Phone: (703) 518-6331
Fax: (703) 518-6409
email: jmckechnie@ncua.gov

N&W Poca Division Federal Credit Union Closes

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.

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 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 -