Free Choice Federal Credit Union Liquidated; Tenth Credit Union To Close in 2009Federal banking regulators liquidated Free Choice Federal Credit Union on Friday. The National Credit Union Administration shut the Feasterville, Pa., credit union and sold its members' share accounts to Trumark Financial Credit Union of nearby Trevose, Pa. Free Choice is the 10th credit union and 91st financial institution to fail this year.
The NCUA says the liquidation was taken to protect member assets while addressing operational issues within the credit union and notes Free Choice's financial condition necessitated closing the credit union.
Trumark Financial Credit Union is a $1.25 billion credit union with 91,000 members. Free Choice had assets of $326,000 and served 400 members.