Western Corporate Federal Credit Union

Western Corporate Federal Credit Union, in San Dimas, CA, was one of two credit unions placed into conservatorship by the National Credit Union Administration Board today. The seizure was done under the Corporate Stabilization Plan to help stabilize the corporate credit union system and resolve balance sheet issues. 

U.S. Central Federal Credit Union in Lenexa, Kan., and Western Corporate Federal Credit Union in San Dimas, Calif., were placed under conservatorship “to stabilize the corporate credit union system and resolve balance sheet issues,” according to the National Credit Union Administration.

Western Corporate, known as WesCorp, has an estimated $23B in assets. Credit union members will not experience any disruption in service and are free to make deposits and access funds.

As usual all depositors’ accounts are insured by the NCUA National Credit Union Share Insurance Fund to at least $250,000 on regular accounts and $250,000 on certain retirement accounts. If you have questions about account insurance, you can go to the National Credit Union Association Insurance Fund website and learn more.

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