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External Affairs
email: pacamail@ncua.gov
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NCUA Closes Green Tree Federal Credit Union 

 Alexandria, VA, November 2, 2007 – The National Credit Union Administration (NCUA) Board today liquidated the insolvent Green Tree Federal Credit Union, a $7 million association based credit union in Feasterville, Pennsylvania, that served Friends of Briar Bush, a nonprofit nature conservancy located in Glenside, Pennsylvania. 

A portion of the credit union’s 500 member accounts were transferred to Freedom Credit Union, Warminster, Pa, a $339 million credit union with branches in close proximity to Green Tree Federal Credit Union members. Due to size, Freedom Credit Union is able to offer the incoming new members a broad range of financial services. The remaining accounts were transferred to NCUA for payout, which occurs within 10 days.

Credit union member deposits are safe and accounts are insured up to at least $100,000 on regular accounts and $250,000 for IRA and KEOGH accounts through the National Credit Union Share Insurance Fund, a part of the NCUA.

Members can direct questions concerning their accounts to the NCUA Asset Management and Assistance Center at 512-231-7900, fax 512-231-7920, 4807 Spicewood Springs Road, Suite 5100, Austin, Texas 79759-8490.

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 86 million account holders in all federal credit unions and many state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.

- NCUA -