HAMMOND | The National Credit Union Administration has liquidated Lakeside Federal Credit Union, in Hammond, the agency announced Friday. The credit union had $8.9 million in assets.
In a statement issued on the closure, the administration stressed the deposits of Lakeside's 2,280 members are federally insured by the National Credit Union Share Insurance Fund up to $250,000. A member's interest in all joint accounts combined is insured up to $250,000 as well.
The National Credit Union Administration (NCUA) is the independent federal agency that regulates, charters and supervises federal credit unions.
TCU, Indiana's largest credit union, has now opened in the former Lakeside Federal Credit Union branch at 7020 Indianapolis Boulevard. The branch will offer services to TCU members as well as members of the former Lakeside Federal Credit Union.
"The strategic acquisition of this new location will provide members of the Hammond community greater access to the convenient products and services TCU offers," said Paul Marsh, President & CEO of TCU.
Lakeside Federal Credit Union was chartered in 1950 and served members, employees and families of Union Tank Car Company, Trans Union Systems Corporation and several smaller employers in northwest Indiana. The credit union also served members, employees and families of Trans Union Corporation in Lincolnshire, Ill. and Chicago.
The closure marks the fifth federally insured credit union liquidation this year.
"National Credit Union Administration's Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union," the statement issued Thursday said.
Members with questions about their insurance coverage may contact the center at 1-877-715-0777 Monday through Friday between 8 a.m. and 5 p.m. Additional information is also available online at www.mycreditunion.gov.