The National Credit Union Administration (NCUA) has facilitated a partial purchase and assumption agreement between Butler Heritage Federal Credit Union (FCU) in Middletown, Ohio, and the Cincinnati Ohio Police Federal Credit Union (COPFCU). This arrangement ensures that members of Butler Heritage FCU will now be served by COPFCU without any interruption in services. Their accounts remain federally insured by the National Credit Union Share Insurance Fund.
Cincinnati Ohio Police Federal Credit Union has acquired some assets and assumed the share accounts of Butler Heritage FCU, which has been liquidated. COPFCU is a federally insured credit union with over 10,000 members and $173 million in assets as per their latest Call Report.
The Share Insurance Fund, administered by NCUA, insures individual accounts at Butler Heritage FCU up to $250,000. It also covers joint accounts and separately protects IRA and KEOGH retirement accounts up to $250,000. The fund is backed by the full faith and credit of the United States.
Members seeking information about their accounts can contact COPFCU at 513.423.2921 anytime. For questions regarding insurance coverage, members may reach out to NCUA’s Consumer Assistance Center toll-free at 800.755.1030 during business hours or visit MyCreditUnion.gov for more details.
The decision to liquidate Butler Heritage FCU was made after NCUA determined that insolvency was imminent with no prospects for restoring viable operations. At liquidation time, Butler Heritage FCU had 772 members and approximately $9.7 million in assets according to their most recent Call Report.
The NCUA is an independent federal agency established by Congress to regulate, charter, and supervise federal credit unions. It manages the National Credit Union Share Insurance Fund which insures deposits for over 135 million account holders across federal credit unions and most state-chartered credit unions.
For media inquiries:
OEACmail@ncua.gov
703.518.6330