Credit union in Philadelphia to close doors

    The National Credit Union Administration says it will be liquidating the Borinquen Federal Credit Union of Philadelphia’s assets, just two weeks after taking it over.

    According to the Philadelphia Business Journal, the NCUA said it made the decision after determining the credit union was insolvent and “…had no prospect for restoring operations.”

    The Philadelphia Business Journal says members with additional questions about their insurance coverage can contact the National Credit Union Administration’s Consumer Assistance Center at: 800-755-1030.

    Borinquen served 8,600 members and had deposits of approximately $6 million, according to the Philadelphia Business Journal.

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