In August, the National Credit Union Administration liquidated Melrose Credit Union of Briarwood, NY. Teachers Federal Credit Union, of Hauppauge immediately assumed all of Melrose’s members and shares, as well as some loans and other assets.
Teachers Federal Credit Union is a federal credit union that serves 300,541 members and has assets of nearly $6.1 billion, according to the credit union’s most recent Call Report. New Teachers Federal Credit Union members should experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000.
The NCUA has retained some Melrose loans. Members should contact the NCUA’s Asset Management and Assistance Center to see if their loans have been retained:
Melrose Credit Union
c/o National Credit Union Administration
4807 Spicewood Springs Road, Suite 5100
Austin, Texas 78759
The existing Melrose office located at 13930 Queens Blvd., Briarwood, will remain open.
The NCUA made the decision to liquidate Melrose and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations. The New York State Department of Financial Services placed Melrose into conservatorship on Feb. 10, 2017, and named the NCUA as conservator.
Chartered in 1922, Melrose served eligible members subject to the provisions of its bylaws, which could include any person upon approval for membership. At the time of liquidation and subsequent purchase by Teachers Federal Credit Union, Melrose served 19,864 members and had assets of approximately $1.1 billion, according to the credit union’s most recent Call Report.
Melrose is the fifth federally insured credit union liquidation in 2018.