TEXDOT-WF Credit Union, Texas, is the 12th credit union to close since the credit bubble burst. The institution served 530 members and had $1.8M in assets at the time of the closure.

The Texas Credit Union Department made the decision to liquidate TEXDOT-WF Credit Union as of September 30, 2008, and discontinue its independent operation after determining the credit union was insolvent and has no prospects for restoring viable operations. At the time of liquidation, TEXDOT-WF Credit Union had approximately $1.8 million in assets and served 530 members. This is the 12th federally insured credit union closure of 2008.

The members will now be served by Postal Family Credit Union.

The National Credit Union Administration (NCUA) announces today that Postal Family Credit Union, of Wichita Falls, Texas, has purchased the assets and assumed member shares of the recently liquidated TEXDOT-WF Credit Union of Wichita Falls, Texas.

The Texas Credit Union Department emphasized that members will continue to receive convenient, uninterrupted service.

<>