Lynrocten Federal Credit Union Closes
Alexandria, VA - The National Credit Union Administration (NCUA) Friday liquidated Lynrocten Federal Credit Union of Lynchburg, Va.
NCUA made the decision to liquidate Lynrocten Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA's Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week.
Members with additional questions about their insurance coverage may contact NCUA's Consumer Assistance Center toll free at 800-755-1030. The Center answers calls Monday through Friday between 8 a.m. and 5 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.ABC 13 News has been telling you about an investigation into the Lynrocten Federal Credit Union. Customers say that people took loans out in their names, their identities were stolen and the credit union is under investigation.
Lynrocten Federal Credit Union served 1,068 members and had assets of approximately $13.8 million, according to the credit union's most recent Call Report. Chartered in 1936, Lynrocten Federal Credit Union served the employees of Rock-Tenn Company and their immediate family members.
Lynrocten Federal Credit Union is the sixth federally insured credit union liquidation in 2013.