The US Federal Credit Union in Alaska is going to occupy the Big Bear unit of Arrowhead Credit Union. The acquisition will get through by 2 p. m. PST, said Geoff Lundfelt, Senior Vice-President for Alaska USA Federal Credit Union.
This has been done in view of the difficulties faced by the Arrowhead Credit Union members, who were unable to undertake any monetary transactions via the Alaska USA ATM.
On Friday, National Credit Union Administration had imposed the decision on Arrowhead Credit Union, following which the latter planned the sale of its four key units in the Inland Empire to Alaska USA Federal Credit Union.
The members of the National Credit Union Administration signed an agreement letter and sent it across to Arrowhead Credit Union.
Jane A. Walters, Regional Director of the National Credit Union Administration, said that she bears the accountability of insuring the accounts when the credit union is in conservatorship.
"Be assured NCUA's actions will not affect the safety of your savings or the array of services to which you are accustomed”, she said.
NCUSIF is essentially a federal fund formed in 1970 by the Congress in order to provide insurance to the members.