Parsons Pittsburg Credit Union Closes, Shares Assumed by Golden Plains

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

ALEXANDRIA, Va. (March 21, 2014) – The Kansas Department of Credit Unions today liquidated Parsons Pittsburg Credit Union of Parsons, Kan., and named the National Credit Union Administration as liquidating agent.

Golden Plains Credit Union of Garden City, Kan., immediately assumed Parsons Pittsburg Credit Union’s members, assets, shares and loans. Golden Plains is a federally insured, state-chartered credit union with $418.5 million in assets and 59,413 members, according to its most recent Call Report.

The new Golden Plains 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.

Members with questions about their accounts may contact Golden Plains Credit Union’s Parsons office at 620-421-3080 between 9 a.m. and 3 p.m. Central time Monday through Thursday and 9 a.m. and 5 p.m. on Friday. They may also contact the Call Center in Garden City between 9 a.m. and 6 p.m. Monday through Friday and 9 a.m. and 1 p.m. on Saturday at 620-275-2151 or 800-825-7661.

The Kansas Department of Credit Unions made the decision to liquidate Parsons Pittsburg Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by Golden Plains Credit Union, Parsons Pittsburg Credit Union served 1,466 members and had assets of $13.4 million, according to its most recent Call Report.

The Administrator of the Kansas Department of Credit Unions placed Parsons Pittsburg Credit Union into conservatorship on Jan. 24, 2014, and named NCUA as agent to handle the credit union’s day-to-day operations.

Chartered in 1951, Parsons Pittsburg Credit Union served persons residing or employed within a 45-mile radius of Labette, Bourbon, Cherokee or Crawford counties in Kansas. The credit union also operated a branch in Pittsburg, Kan.

Parsons Pittsburg Credit Union is the third federally insured credit union liquidation in 2014.