Free Choice Federal Credit Union Liquidated; Tenth Credit Union To Close in 2009

Linda McGlasson • August 28, 2009 Federal 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.

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About the Author

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.