Member Savings Insured as Dallas
Educators Federal Credit Union Closed
May 7, 2004, Alexandria, Va. – The National Credit Union
Administration (NCUA) announced today that the agency placed
Dallas Educators Federal Credit Union of Selma, Ala. into liquidation
on May 5. NCUA, which has been operating the credit union since
April 19 under a conservatorship, liquidated the credit union
when it was determined the institution’s health could not
be restored. NCUA insures member accounts at the credit union
and will issue checks to members as account balances are verified.
Members who have not yet met with NCUA regarding their account
balances should visit the agency’s temporary office at
the Selma Mall (next to JC Penney) or via phone at 334-877-0297
for the periods listed below. Thereafter, members should call
877-715-0777.
Mon., May 10 10:00 a.m. to 4:30 p.m.
Tues., May 11 9:00 a.m. to 4:30 p.m.
Wed., May 12 9:00 a.m. to 4:30 p.m. (if necessary)
Thurs., May 13 9:00 a.m. to 4:30 p.m. (if necessary)
NCUA insures member savings in more than 97 percent of all credit
unions in the United States. Through NCUA’s National Credit
Union Share Insurance Fund, federally insured credit union member
savings are insured up to $100,000. The National Credit Union
Share Insurance Fund is backed by the full faith and credit of
the U.S. government.
The National Credit Union Administration, governed by a three-member
board appointed by the President and confirmed by the Senate,
is the independent federal agency that regulates, charters and
supervises federal credit unions. NCUA, with the backing of the
full faith and credit of the U.S. government, operates and manages
the National Credit Union Share Insurance Fund, insuring the
deposits of more than 80 million account holders in all federal
credit unions and the overwhelming majority of state-chartered
credit unions.
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