Ochsner Clinic Federal Credit Union Closes, Shares Assumed by ASI Federal Credit Union

Member Deposits Protected up to $250,000 by the Share Insurance Fund

ALEXANDRIA, Va. (June 28, 2013) – The National Credit Union Administration (NCUA) today liquidated Ochsner Clinic Federal Credit Union of New Orleans, La. ASI Federal Credit Union of Harahan, La., immediately assumed Ochsner Clinic Federal Credit Union’s members, deposits and loans.

The new ASI Federal Credit Union members will experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.

NCUA made the decision to liquidate Ochsner Clinic Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations. Ochsner Clinic Federal Credit Union served 3,099 members and had assets of approximately $9.25 million, according to its most recent Call Report.

Neither Ochsner Clinic Foundation nor Ochsner Health System owns, manages or oversees the Ochsner Clinic Federal Credit Union, which is an independent entity.

Chartered in 1973, Ochsner Clinic Federal Credit Union served a number of select groups centered primarily on the medical profession in the New Orleans area.

Ochsner Clinic Federal Credit Union is the ninth federally insured credit union liquidation in 2013.