Member Deposits Protected up to $250,000 by the Share Insurance Fund

ALEXANDRIA, Va. (July 1, 2013) – The National Credit Union Administration (NCUA) today liquidated PEF Federal Credit Union of Highland Heights, Ohio.

Best Reward Credit Union of Brook Park, Ohio immediately assumed certain PEF Federal Credit Union members, shares, assets and liabilities. Best Reward Credit Union is a federally insured, state-chartered credit union with more than 12,700 members and assets of $100 million.

The new Best Reward members will experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.

NCUA’s Asset Management and Assistance Center will contact members whose accounts are not transferred. Members with additional questions about their accounts or insurance coverage may contact the Center at 877-715-0777 between 9 a.m. and 6 p.m., Eastern. 

NCUA placed PEF into conservatorship on June 21, 2013 to protect the credit union’s financial stability and operations.  

NCUA made the subsequent decision to liquidate PEF and discontinue its operations after determining the credit union had no prospect for restoring viable operations. PEF served 2,974 members and had assets of approximately $31.3 million, according to the credit union’s most recent Call Report.

Chartered in 1957, PEF Federal Credit Union served a community field of membership that consisted of residents located in Cuyahoga County, Ohio.

PEF Federal Credit Union is the tenth federally insured credit union liquidation in 2013.

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

4 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

4 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

5 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

5 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

5 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

5 days ago