December 17, 2012 – 7:41 pm

Olean Tile Employees Federal Credit Union, Olean, N.Y.,was shuttered today by the National Credit Union Administration (NCUA). Olean Tile Employees Federal Credit Union is the thirteenth federally insured credit union liquidation in 2012 and the second credit union headquartered in New York to fail this year.

Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week.

Members with additional questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at 800-755-1030. The Center answers calls Monday – Friday between 8 a.m. and 5 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.

Olean Tile Employees Federal Credit Union served 550 members and had assets of approximately $778,139, according to the credit union’s most recent Call Report. Chartered in 1936, Olean Tile Employees Federal Credit Union was a full-service financial institution that served the employees of the Olean Tile Company for 76 years.

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